The Central Bureau of Investigation (CBI) on Wednesday arrested top officials from some leading PSU banks and public/private financial institutions.
The agency alleged a big housing loan scam involving top officials of some financial institutions and Government Banks.
The CBI said it had busted a racket in which Money Matters was "allegedly bribing senior officials of public sector banks and financial institutions for facilitating large scale corporate loans."
Raids were conducted at Mumbai, Jaipur, Delhi, Chennai and Jalandhar. CBI began investigation on Monday.
Money Matters specialises in advising corporate clients on how to borrow money. The CBI has also closed all offices of Money Matters.
Those arrested include Ramchandran Nair, Chief Executive Officer, LIC Housing Finance Ltd. ,Naresh K Chopta, Secretary (Investment), LIC, Mumbai; R.N.Tayal, General Manager, Bank of India, Mumbai; Maninder Singh Johar, Director (Chartered Accountant), Central Bank of India, New Delhi; Venkoba Gujjal, DGM, Punjab National Bank , New Delhi; Rajesh Sharma,Chairman & Managing Director and two other officials of a Mumbai-based private financial services company in a bribery case.
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