CBI has filed charges in bribes for loans case

By Pradeep Yuvaraj | August 14, 2011

A recent press report said that the Central Bureau of Investigation (CBI) filed charges against executives at several financial services firms, including Life Insurance Corporation of India and Punjab National Bank, in a bribes-for-loans case.

The CBI has filed charges of accepting bribes against the then-secretary of top state-run insurer Life Insurance Corp (LIC), then-chief executive of LIC Housing Finance, a former general manager of Bank of India and a former deputy general manager of Punjab National Bank.

According to the CBI reports the executives at some companies have received bribes from Money Matters Financial Services, a firm cited as the mediator on the deals resulting in heavy loans to the booming infrastructure sector like builders of dams, power plants, energy equipment makers and property developers. Police also filed charges against the chairman of a Mumbai-based private sector firm for paying bribe, but did not identify the company.

Reports said that India was ranked 87th in Transparency International’s 2010 ranking of nations based on the perceived level of corruption. The police statement did not name the executives charged, but it said the charges were related to cases that had been registered in November 2010.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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