Loan scam: 17 companies under CBI scanner

Following the arrests it made of some of the top officials of a number public sector banks and financial institutions on allegations of sanctioning loans in return for bribes (See: CBI arrests senior bankers in Rs1,000-crore loan scam), the Central Bureau of Investigation (CBI) is now said to be focusing on the role of 17 companies were the alleged recipients of the loans.

The investigating agency has served notices to all companies involved in the multi-crore scam and asked them to submit details of the loans received as alleged beneficiaies. The companies have to file their replies by today.

According to CBI Pashmina Mantri Realty, Sigrun, Entertainment World, Indore City Treasure, Lavasa, Ashapura Minechem, BGR Energy, OPG Group, Krishna Group, Suzlon, MRMGH, MBDB, Gold Sukha Project and JP Group benefited by way of receiving loans in the scam.

The CBI's FIR also claims that Naresh Chopra, who was a secretary with LIC, leaked information about companies like Adani group, J P Hydro, JSW Power, Religare, D B Realty, Pantaloons, Adalite and MTech, that allegedly benefited from the scam.

The investigating agency has so far arrested eight persons including  Ramchandran Nair, the chief executive officer (CEO) of LIC Housing Finance; RN Tayal, general manager of Bank of India;  and Venkoba Gujjal, deputy general manager of Punjab National Bank.

"A private financial services company, its CMD and other associates were allegedly bribing senior officials of public sector banks and financial institutions for facilitating large scale corporate loans. They were also gathering confidential business information from financial institutions," the CBI had said.