Housing loan scam: CBI conducts raids

ALLAHABAD:A CBI team on Monday conducted raids here and in several other districts of Uttar Pradesh as part of investigations into alleged irregularities in sanction of housing loan by a bank official while he was the Manager of a nationalised bank's branch in the city.

Raids were conducted in Allahabad, Lucknow and Sant Ravidas Nagar (Bhadohi) in connection with the scam pertaining to alleged misappropriation of more than Rs one crore two years ago in the name of granting housing loans, CBI sources said.

The CBI had registered a case against six persons, including the then Manager of the bank branch here. Some of the persons named in the case have properties in the city which were raided as part of the investigations, the sources said.