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ED files case against former Syndicate Bank CMD

The Enforcement Directorate has registered a case in the Syndicate Bank bribery case involving its then CMD S.K. Jain. The case has been registered under the provisions of the prevention of Money Laundering Act. The ED has registered the case on the basis of FIR registered by the CBI in this regard. The CBI on 2 August 2014 had arrested Jain for allegedly negotiating with a private firm for an illegal gratification of Rs 50 lakh in return for granting credit extension to the company as it had defaulted on the payment of loan instalments amounting to crores of rupees to the bank. The CBI registered two cases against Jain and 11 others, including CMD and directors of two Delhi-based private firms. The ED will also examine hawala operators who allegedly helped in receiving the bribe money.

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