CBI arrests Syndicate Bank CMD SK Jain for taking bribe

NEW DELHI: The CBI on Saturday arrested the chairman-cum- managing director of Syndicate Bank, SK Jain, and five others, alleging that Jain took a bribe of `50 lakh for enhancement of credit limit to some companies bypassing rules. CBI said it had been monitoring the activities of Jain for six months before it moved in to arrest him in Bangalore on Saturday.

“The allegation pertains to the CMD asking for bribe to extend credit facilities to certain companies. Simultaneous raids at 20 places have been conducted in Bangalore, Bhopal , Mumbai and Delhi,” the CBI spokesperson said. CBI Director Ranjit Sinha said this was for the first time that CBI has arrested a CMD level officer in a bribery case. He said the CMD was accepting the bribe through a conduit.