Housing Loan Scam

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)..


For more news, Have a look here...
http://www.channelnewsasia.com/stories/afp_asiapacific_business/view/1095518/1/.html

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.

Overall 17 companies have been identified to be in the scam.... These are given notice...
They should reply by today itself.

@Deepti,
I was not aware of it.Thanks for the information shared here. :) :)

Thanks Nagalakshmi.. :)
Good to know that have provided with new information.. :)

Sensex crashed yesterday due to this news.. today it is flat(slightly negative)...

It seems to be a season of scams and tha nation is rocked by one after another!

Thats true... The initial scam was started by private company SATYAM... Next this spread to 2G, CWG and many.. :(

Serious actions should be taken against them...

I think scams and scandals were and are all there and waiting to be exposed and this nation is sitting atop the mountain of scams!

Due to the television channels coverage we are all able to know the scandals and scams that were going on everyday.

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

As Chinmoy stated the nation is rocked with scams. :( :( :(

As Sumit rightly says that all these state-owned institutions are great sources of corruption and I don't know what would be the fate of these so-called raids!!

Punjab bank and LIC are are proved to be involved in the scam.

Punjab Bank has to face the CBI's music... :o

The year is going to end and I think this year will come in Guinness book as year of scams!

oh god!!! :ohmy: another housing scam..i think it is really going to be record this year with so many scams.. :S

Sensex slumped below the crucial 19,000-level in intra-day trading as the housing loan scam continued to hammer realty stocks, closing with a loss of about 182 points.... :(

@Deepti,
I know you are an expert in sharing cooking tips,health tips,politics and current affairs.Now a days you rock in informing us about sensex too.Hats off to you!!! :) :)

I too find Deepti has been taking great interest in stock markets! That's very good! Keep it up!

;) ;) I have not shared information about this....

:) I was not expert but have knowledge and do follow the market... ;)

This year will be in Guinnes book having year of scams!!!What do you think friends?