S K JAIN ,CMD,SYNDICATE BANK BOOKED BY CBI FOR ALLEGEDLY RECEIVING A BRIBE OF 50 LAKHS

Syndicate Bank Chairman-cum-Managing Director (CMD) S.K. Jain was on Saturday arrested by the Central Bureau of Investigation along with his brother-in-law and four others for allegedly receiving a bribe of Rs.50 lakh to grant credit extension to two private firms embroiled in the coal block allocations scam.

The agency has registered two cases against Mr. Jain and 11 others: one on graft charges and the other for alleged abuse of official position to increase the credit limit of the companies in violation of banking rules. One of the private firms had defaulted on the payment of loan instalments amounting to crores.