Housing Loan Scam

You are right Abid.... There are scams this year.. :(

Recent headlines about the troubled subprime lending industry are making Americans more aware of the consequences of risky lending

The latest one involves officials at LIC Housing Finance, Bank of India and several other banks taking bribes for doling out multi-crore loans to real estate companies.

What a country is this?All those money dealing bodies are under scams!!!

Yes Abid..... CBI is taking over this case.... Was waiting to see the final judgement..

But the CBI taking also is a drama on these days.People committe have to enquire now.

Several bankers and housing finance executives said the guidelines would become more stringent across-the-board, particularly for project financing.

Yes the rules should be more strigent or else there wont be any end.

The stringent rules alone can not prevent this kind of fraud.What we need is stricter implementation.More sincerity and befitting punishment!

I think once caught all their assets should hold and dissolve in public fund.

As Abid stated it would be good to invest the looted money in public fund.

But it is our system which would come in the way! Those whom we look to for this purpose have a stake in it!

Ceeem,
I think when the assets of ten such persons are fully dissolved into public fund there will be a break in such actions.

I was not aware of it.Thanks for the information shared here. :woohoo: :woohoo:

But the question is who is going to bell the cat? As we find that those who are entrusted with this job are themselves very corrupt!!

All eight executives arrested in India's bribes-for-loan investigation were ordered into judicial custody until December 16, a local court said on Friday, before it began hearing applications for bail.

On Monday, a special Indian court extended the custody of the eight arrested in a bribes-for-loans investigation until Friday.

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