After 2G Scam, CBI busts multi-crore housing scam

Central Bureau of Investigation on Wednesday arrested many high profile officials of Life Insurance Corporation of India and several senior bank officials.  CBI, in a press conference, said that raids have been conducted on the premises of LIC Housing Finance in Delhi, Mumbai, Kolkata and Chennai The CBI, which was said to questioning a slew of people involved in the scam, included officials from LIC Housing, Benkooba Gujjal, DGM, Punjab National Bank; Maninder Singh Johan, DIR, Central Bank of India, RN Tayal, GM, Bank of India, GM Bank of Baroda.
CBI also arrested Suresh Gattani, Money Matters; Rajesh Sharma, Chairman Money Matters and a real estate developer. Confirming the development, P Kandaswamy of CBI’s Economic Offence Wing, said that as many as eight high profile Banking officials have been arrested in the Fake housing loan scam so far. More arrests in this connection are likely. Reacting to the development, Deepak Parikh, Chairman Housing Development Finance Corporation said, “It may be the tip of an iceberg, but I don’t think we need to be utterly surprised over this development. I think it’s a normal practice. It’s a part of the game. It’s a part of business in India.”