CBI on Saturday 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.
