Thursday, December 2, 2010

Scams in India

The officials of Indian banks and financial firms have been accused of intriguing bribes to grant corporate loans where local media reported, it could run into millions of dollars.

Central Bureau of Investigation, last week arrested eight people, the chief executive of LIC Housing Finance and senior officials at state-run Central Bank of India and Punjab National Bank and Bank of India.

CBI reported that the bribes were allegedly paid by private finance firm money matters financial services, for the loan beneficiaries.

Pranab Mukherjee, Finance Minister asked investors not to panic over the case, comments by other officials that this is a case of individual wrongdoing. It will not be a widespread scam and that the banking sector will not be affected by it.


The sporting burlesque in October, cost up to $6 billion, was dogged by alleged corruption, the purchase of issuing contracts. The anti-corruption watchdog has identified more than 16 projects with possible scam .

The anti-corruption watchdog, the state auditor, the CBI and a special committee set up by Prime Minister Singh, are inquiring the allegations. On Tuesday, the CBI raided the homes of the Games organizing secretary, part of a probe into $21.7 million of misplaced funds.

Congress party politicians, bureaucrats have been accused of taking over land meant to build apartments for war widows. The government sacked the chief minister of western Maharashtra state. The Arabian Sea-facing block with 103 apartments in an upscale Mumbai district, that among the world's most expensive pieces of real estate. Apartments were sold for as little as $130,000. The government has taken back permissions allowing owners to occupy the apartments, leading to the disconnection of power supply. CBI has investigating the case.

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