India’s income tax department will look into tax issues in a loans bribery case, a finance ministry official said on Thursday.

“The IT (income tax) department will certainly look into any tax angle involved in the matter,” the Central Board of Direct Taxes spokesman Shishir Jha told media.

Eight top officials from Indian banks and financial firms were arrested on Wednesday on charges of taking bribes to grant corporate loans, dealing another blow to Indian markets already grappling with a multi-billion dollar telecoms scam.

Loans bribery case limited to individuals – minister

A loans bribery scandal in India that has led to several arrests is not a widespread scam and will not hit markets or the banking sector, junior finance minister Namo Narain Meena said on Thursday.

Eight top officials from Indian banks and financial firms were arrested on Wednesday on charges of taking bribes to grant corporate loans, dealing another blow to Indian markets already grappling with a multi-billion dollar telecoms scam.

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