The economic offences wing of the Central Bureau of Investigation on Wednesday unearthed a major fake housing loan racket and arrested eight officials from various banks on graft charges.
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CBI arrested CEO of LIC Housing Finance Ramachandran Nair and seven others senior bankers in connection with a housing finance racket.
Apart from Nair, those arrested are Naresh K Chopra, Secretary (Investment), LIC, R N Tayal, General Manager of Bank of India (Delhi), Maninder Singh Johar, Director (Chartered Accountant) of Central Bank of India, Venkoba Gujjal and Dy General Manager of Punjab National Bank (Delhi)..
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It appears scam is everywhere. We come to know of those scams only that are prominently highlighted by media. There is crisis of character.
We have to strike at the root. Apparently, the parliamentary system is costly. The politicians need heavy cash for contesting elections. Hence they indulge in corruption and compel or connive with bureaucrats. Making elections less costly or state funding are the means to reduce the cost of elections and hence need for raising cash via corrupt practices.
G. K. Ajmani Tax consultant http://gkajmani-mystraythoughts.blogspot.com/
scam involving state-owned institutions and a private and listed Mumbai-headquartered company Money Matters Financial r also big fish in the race of scam
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