19 beneficiary firms reply to CBI summons

A day after the arrest of LIC Housing Finance CEO Ramchandran Nair and seven others in a major bribes- for- loans racket,nearly 19 beneficiaries of the scam sent their replies to the summons to the CBI office. We have received replies from almost all beneficiaries. So far we are just looking at the companies which were mentioned in the conversations and have been named in the preliminary investigation. A few more major players who had come in contact with the accused at different stage are probed too, said a senior CBI official.

The beneficiary companies include Lavasa,Pashmina Ltd,Mantri Realty,Sigrun Ltd,Entertainment World,Indore City Treasures,Ashapura Minechem,BGR Energy,OPG Group,Adani,J P Hydro,J S W Power,Krishna Group,Pantaloon,Adalite and MTECH,Gold Sukh Project,OPG group.

The investigation revealed a nexus of serving and retired officials of these financial institutions with Mumbai-based financial services company Money Matters,which facilitated loans for builders from these institutions. Money Matters,until recently was a small-time non-banking finance company. But recently managed foreign investments from at least four major players. We are trying to find out if Rajesh Sharma CMD,Money Matters operated at the behest of any other person. Many people who are looked at as witness are been probed, confirmed a CBI official.