Bhushan Steel had taken a loan of about Rs 100 crore from Syndicate Bank and was trying to settle that loan defaulter by bribing SK Jain who is the chairman cum MD of Syndicate Bank.
The CBI continues its crackdown on the Syndicate Bank bribes-for-loan scam. The CFO of Bhushan Steel , Arun Agrawal, has been arrested.
All the three firms that are allegedly involved in the scam, the Syndicate Bank, Prakash Industries and Bhushan Steel tanked in trade today.
Bhushan Steel had taken a loan of about Rs 100 crore from Syndicate Bank and was trying to settle that loan defaulter by bribing SK Jain who is the chairman cum MD of Syndicate Bank.
Sources in the CBI have suggested that SK Jain threatened Bhushan Steel officials to make a deal to help evade the loan default. Neeraj Singhal who is the VC of Bhushan Steel is waiting investigation by CBI and the CFO is under arrest.
The second case pertains to credit facility extended to Prakash Industries where the company had taken a loan of about Rs 120 crore. CBI has alleged that the credit facility was extended to this company in lieu of bribe.
Sources say that CBI is checking whether proper due diligence was done under Reserve Bank of India (RBI) guidelines before extending this benefit to Prakash Industries. All nine and SK Jain were arrested on Saturday and are in CBI custody.
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