The Central Bureau of Investigation (CBI) has arrested S K Jain, chairman and managing director of Syndicate Bank, for allegedly accepting bribes from private companies to extend credit facilities.
The CBI, on August 2, 2014, conducted raids at 20 different locations across Bangalore, Bhopal, Mumbai and Delhi, after registering a case in the matter. It confiscated Rs 50 lakh, allegedly received by Jain as bribe. During the raids, the CBI also unearthed about Rs 21 lakh in cash, gold worth Rs 1.68 crore and fixed deposit receipts of Rs 63 lakh.
The CBI alleged Jain had enhanced the credit limit to certain private companies, in violation of rules and regulations. The companies concerned are believed to be embroiled in the coal block allocation scam.
The bank’s net profit for the first quarter rose by 7.33% at Rs 485.42 crore as compared to Rs 452.28 crore for the quarter ended June 30, 2013. Its total income has increased by 16.86% to Rs 5523.08 crore for the quarter under review from Rs 4726.18 crore for the corresponding quarter of the previous year.
