Housing scam accused sent to judicial custody

All eight executives arrested in the LIC housing scam were sent to judicial custody till December 16 by a local court after their bail applications were rejected.

On Monday, the special court had extended the custody of the eight arrested till Friday.

The Central Bureau of Investigation arrested the executives from banks and financial institutions last month, including three from Money Matters Financial Services.

Executives from Life Insuarnce Corp of India, LIC Housing Finance, Money Matters, Bank of India, Central Bank of India and Punjab National Bank were also arrested.

The CBI has said that Money Matters acted as a "mediator and facilitator" of corporate loans and other facilities by bribing bank officials.