Business

India bank chief arrested over bribery

  • 4 August 2014
  • From the section Business
Sudhir Kumar Jain Image copyright Syndicate bank

Indian police have arrested the chairman of state-run Syndicate bank, Sudhir Kumar Jain, and several others over allegations of bribery.

Mr Jain has been accused of taking bribes to raise credit limits of firms.

The Central Bureau of Investigation said it recovered 5m rupees ($82,000; £49,000) allegedly paid to Mr Jain.

The raids are being described as the first large scale anti-corruption moves since Prime Minister Narendra Modi took office earlier this year.

"We are determined to fight corruption at high levels," Ranjit Sinha, director of the Central Bureau of Investigation (CBI) was quoted as saying by the Press Trust of India (PTI) news agency.

The CBI said it had seized cash, documents and computer records after conducting raids across 20 different locations in Delhi, Mumbai, Bangalore and Bhopal.

The PTI quoted Mr Sinha as saying that other banks were also involved in the conspiracy.

A total of 12 people, including Mr Jain, are being investigated.

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