Bhopal, Feb 11 (IANS) The Central Bureau of Investigation (CBI) has conducted raids on the premises of two former officials of Central Bank of India and two builders here in connection with an alleged scam in disbursement Of housing loans, officials said Thursday.
The CBI had been tipped off that a few officials of the Central Bank of India had helped the builders by sanctioning loans worth over Rs.2 crore without complying with norms.
The bureau said applications for housing loans were allegedly processed and recommended for disbursement without pre-inspection of site, verification of salary slips submitted by borrowers, and without considering the progress in construction.
The CBI registered a case against K.K. Chourasia, the then senior manager and Vasant Pavse, the then assistant manager (credit) of Central Bank of India, besides, B.S. Yadav of Rajdhani Construction and Developers and Badshah Khan of Shalimar Construction and Developers in Bhopal and searched their premises Wednesday.
The investigating agency is scrutinising the documents seized from their homes and will decide its course of action on what has been found, a CBI official said on condition of anonymity.