LIC Housing Fin CEO arrested by CBI
CBI arrests eight people, including Chief Executive Officer (CEO) of LIC Housing Finance for allegedly giving corporate loans for monetary considerations.
The CBI said that the officers were receiving illegal gratification for facilitating loans. Executives at Money Matters were arrested for broking bribery deals . Five separate cases have been registered and investigations are on, the leading investigation agency said in a press conference. It hasn't put up a figure to the size of the scam.
The biggest arrests included the CEO of LIC Housing Finance. The CMD of Money Matters Rajesh Sharma was also arrested. Executives from PNB, Central Bank of India, Bank of India were arrested in these raids. Among other arrests were two executives at Money Matters.
Earlier in the day, shares of LIC Housing Finance plunged 18.32 per cent to Rs 1068.55 on the BSE. It touched a low of Rs 1031.10 in trade. Shares of Central Bank of India also tanked on the same issue. The scrip fell 8.02 per cent to Rs 197.90 on the BSE. It touched a low of Rs 191.40 in trade.
Shares of Money Matters Financial Services also faced selling pressure. The scrip tanked 19.99 per cent to intraday low of Rs 531.20 on the BSE on rumours of a raid.
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