Indian bank chief held over bribery charges

NEW DELHI: Indian police have arrested the chairman of the state-run Syndicate Bank over allegations he took bribes in exchange for loan extensions to private companies, a law enforcement official said on Sunday. The Central Bureau of Investigation (CBI) arrested Sudhir Kumar Jain in the southern city of Bangalore along with 11 others, including two directors of Delhi-based private firms, its spokeswoman said. “We arrested him (Jain) late last night and he will be produced in court later today (Sunday),” the CBI’s Kanchan Prasad said. The CBI, the country’s top crime-fighting body, said it “laid a trap” and recovered five million rupees ($82,200) allegedly paid to Jain through middlemen by companies to win extensions on their loans. Published in Dawn, August 4th, 2014