Syndicate Bank CMD SK Jain sent to four day CBI remand
August 3, 2014 - Hyderabad
The Chairman and Managing Director of Syndicate Bank SK Jain and seven others were on Sunday remanded in CBI custody for four days when were produced before a CBI court on Sunday.
It may be recalled that the CBI had arrested the SK Jain along with CMD of Prakash Industries Ved Prakash Agarwal, Director Vipul Agarwal, Chartered Accountant Pawn Bansal, Vineet and Puneet Godha (CMD’s relatives) Vijay Pahuja and Pankaj Bansal.
It may be recalled that the CBI had conducted searches at 20 places in Delhi, Mumbai, Bangalore and Bhopal. SK Jain was arrested on the charges of allegedly taking a bribe of Rs.50 lakhs for granting credit extension to a firm.
CBI sources said that Bhushan Steel, a Bangalore based company that has a loan account with the Syndicate Bank wanted to increase its credit limit by Rs.200 crore. Sudhir Kumar Jain, in turn for increasing the limit allegedly asked it pay a bribe of Rs.50 lakhs for which Vineeth Godha acted as a middleman. The transaction took place at the residence of Vineet and Punit Godha and the amount was finally to be given to the Bank CMD that reached through the hawala route. CBI said that Neeraj Singhal, vice-chariman of the company who is named in the FIR and is absconding, made the payment through Purushotam Totlani, a conduit, to Vineet, Jain’s brother-in-law.