Nine days after their arrest in a cross-country housing loan scam, a special CBI court today granted bail to all the eight accused, including LIC Housing Finance CEO Ramchandran Nair, after observing that their custody is not required further.
The investigation agency had on November 24 arrested Nair, Naresh Chopra, Secretary (Investment) LIC, R N Tayal, general manager of Bank of India (Delhi), Maninder Singh Johar, director of Central Bank of India, Venkoba Gujjal, deputy GM of Punjab National Bank (Delhi) in connection with the bribe-for-loan scam.
Rajesh Sharma, CMD of Mumbai-based firm Money Matters Ltd and two of its employees — Suresh Gattani and Sanjay Sharma– were also arrested.
The eight were produced before the court today which first remanded them in judicial custody after the CBI did not seek for further custody. After being remanded in judicial custody, all the accused sought for bail.
