Asia

Home page

Asia

India agency probing other insurers in bribery scandal: source

27 November 2010 02:28 (UTC +04:00)

Baku â€“ APA. India’s federal investigative agency is looking at the involvement of fund managers and senior officials at state-run insurance firms in the bribes-for-loans scandal, a source with direct knowledge of the matter said, APA reports quoting â€œReutersâ€.
The Central Bureau of Investigation is looking into their involvement in all deals arranged by Money Matters Financial Services, a financial services firm at the heart of the corruption scandal that sent shockwaves through India when it was revealed earlier this week.
The CBI is also probing all block deals, bulk deals and share placements arranged by Money Matters, said the source, who declined to be named as details of the investigation were not public.
India’s federal investigator is probing 21 companies and has arrested eight officials from banks and financial institutions for allegedly taking bribes in exchange for large corporate loans, or in some cases, sharing insider information.