LIC Housing Scam

With the bribes-for-loans scandal still fresh in public memory, President Pratibha Patil today asked bankers to uphold the "highest standards of probity" and follow prudential principles in lending.

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Retirement fund manager EPFO today decided to suspend further investments in the LIC Housing Finance till CBI completes investigations into the alleged involvement of its top official in the bribes-for-loans scam.

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LIC Housing Finance, Punjab National Bank, Bank of India and Central Bank of India have a combined exposure of Rs 20,000 crore to the 19 companies embroiled in the bribes-for-loans controversy, reveals an estimate by the department of financial services in the finance ministry.

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The Central Bureau of Investigation has unearthed unaccounted income worth Rs 400 crore from the bank accounts of Rajesh Sharma, chairman and managing director of Money Matters, Mumbai, and some of his associates. They are allegedly involved in the cash-for-loans scam, CBI sources said.

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The Bombay High Court on Friday granted bail to all the eight persons arrested in connection with the bribe-for-loan scam. They were given bail on a surety of Rs. 2 lakh each.

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CBI found nine kilograms of gold in the form of 180 gold coins of 50 grams each stacked in the office of LIC investment Sec Naresh Chopra. Apart from this, 50 million shares of a reputed company more than 100 gift vouchers worth Rs 1000 each and some telephone diaries have been recovered.

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