CBI arrests Syndicate Bank CMD and five other for taking bribe CBI today has arrested chairman-cum- managing director of Sydicate Bank, SK Jain and five others for allegedly taking bribe of Rs 50 lakh for enhancement of credit limit to some companies bypassing rules and regulations. Acting on an internally developed intelligence, CBI had been monitoring the CMD for the last six months before arresting him today in Bangalore. CBI has filed two cases against him for allegedly receiving bribe of Rs 50 lakh and fraudulently bypassing rules and regulations to enhance credit limit of two companies which have been involved in a coal scam. We are determined to fight corruption at high level and todays case was one such example, CBI director Ranjit Sinha said. Others arrested included CMDs brother-in-law and a chartered accountant. CBI is conducting searches at 20 places in four cities in connection with the case, Bangalore, Bhopal, Mumbai and Delhi today after registering a case in the matter. CBI confiscated an amount of Rs 50 lakh allegedly received by Jain as bribe. CBI spokesperson said, Searches so far have led to recoveries of several asset papers and incriminating documents. Jain became CMD of Syndicate Bank on July 8, 2013. Prior to assuming charge as CMD, he was Executive Director of Bank of Baroda. Jain, a qualified as a chartered accountant started his banking career in June 1987 as a Credit Manager in Dena Bank and got elevated to various positions thereafter over the years. The said companies are believed to be embroiled in the coal scam, CBI has found. Beside Jain, his brother in law and chartered accountant are also in police custody. Syndicate Bank reported a 7.3 per cent rise in net profit at Rs 485 crore for the first quarter-ended June, 2014 compared to Rs 452 crore in April-June 2013. The total income of the bank rose by 16.8 per cent to Rs 5,523 crore as against Rs 4,726 crore in the same quarter last year. Lower provisions during the quarter, which stood at Rs 468 crore as against Rs 489 crore a year ago, helped the bank to show better profits. Its net interest income was up 1 per cent at Rs 1,351 crore as against Rs 1,338 crore in the first quarter last year. The net interest margin declined to 2.47 per cent from 2.83 per cent a year ago. #CBI #SyndicateBank #SyndicateBankChief #SKJain #CMD #Arrest #Bribe #Corruption
Posted on: Sat, 02 Aug 2014 13:24:01 +0000
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