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Bank chairman in India arrested over bribery charges

05 August 2014

A bank chairman in India has been arrested on bribery and corruption charges by the Central Bureau of Investigation (CBI).

Syndicate Bank chairman Sudhir Kumar Jain has been arrested, along with 11 other people, which include a chief managing director and directors of two private Delhi-based companies.

Jain was allegedly accepting bribes from private companies for raising their credit limits.

The CBI has managed to recover Rs5 million (£48,754) that was allegedly paid to Jain. It has also conducted raids across 20 different locations in Delhi, Bhopal, Mumbai and Bangalore, in which incriminating documents, large sums of cash and jewellery have been recovered.

SBI director Ranjit Sinha has been quoted by the Press Trust of India news agency as saying: ‘We are determined to fight corruption at high levels’.

Corruption in India is a topic that Governance + Compliance magazine has explored in greater depth – read our feature here.

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