LOAN BRIBERY CASE
The case broke after a year of investigation on Nov. 24 when the Central Bureau of Investigation (CBI) arrested eight people, accusing them of bribery for corporate loans.
The arrests included the chief executive of state-run mortgage lender LIC Housing Finance and senior officials at state-run Central Bank of India , Punjab National Bank and Bank of India.
While the size of the scandal is not yet known, local media have reported it could run into hundreds of millions of dollars.
The CBI is probing 21 companies involved in India's booming infrastructure sector for links, but has not named them.
The bribes were allegedly paid by private finance firm Money Matters Financial Services , which acted as a "mediator and facilitator" for the loan beneficiaries, the CBI said.
Companies whose officials have been arrested have all denied any wrongdoing. Individuals arrested have not yet commented.
Government officials, including ministers, have said this is a case of individual wrongdoing and not a widespread scam.
The case broke after a year of investigation on Nov. 24 when the Central Bureau of Investigation (CBI) arrested eight people, accusing them of bribery for corporate loans.
The arrests included the chief executive of state-run mortgage lender LIC Housing Finance and senior officials at state-run Central Bank of India , Punjab National Bank and Bank of India.
While the size of the scandal is not yet known, local media have reported it could run into hundreds of millions of dollars.
The CBI is probing 21 companies involved in India's booming infrastructure sector for links, but has not named them.
The bribes were allegedly paid by private finance firm Money Matters Financial Services , which acted as a "mediator and facilitator" for the loan beneficiaries, the CBI said.
Companies whose officials have been arrested have all denied any wrongdoing. Individuals arrested have not yet commented.
Government officials, including ministers, have said this is a case of individual wrongdoing and not a widespread scam.
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