CBI arrests Standard Chartered Bank officer in Chennai for receiving Rs 3-lakh bribe

CBI has arrested a Standard Chartered Bank officer in Chennai for allegedly receiving bribe of Rs three lakh to help in favourable settlement of a case related to immovable property collaterals pending before a Debt Recovery Tribunal, officials said Friday.

authorised officer in Group Special Asset Manment unit of bank, Rajendran, has allegedly demanded bribe from a Coimbatore-based firm facing loan default of over Rs 36 crore to help in arranging one-time settlement and also in DRT where company had filed case against alleged undervaluation of its collateral security during auction by bank to recover outstanding dues, y said.

company had approached ncy with complaint against bribe demand, following which an FIR was registered.

ncy laid down trap and arrested Rajendran in case, y said.

This is second case in recent past that CBI has acted against officials of a private bank, officials said.

In July last year, CBI had arrested two HDFC Bank officials for allegedly demanding a bribe of Rs 2.70 lakh for sanctioning Rs 99 lakh loan.

During searches at premises of Standard Chartered Bank official Rajendran who was arrested by ncy in Chennai while allegedly accepting bribe, CBI had recovered Rs 18 lakh in cash, besides property documents and locker details.

"It was furr alleged that complainant's firm had availed OD/Term Loan facilities from Standard Chartered Bank, D B Branch, Coimbatore for a total amount of Rs 27.70 crore (approx.) during period from 2005 to 2016 with sufficient collateral. bank accounts became NPA with outstanding of Rs 26.37 crore(approx.) as on April 30, 2017," CBI dpokesperson RC Joshi said in a statement on Friday.

bank had started recovery process of loans under Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act and tasked Rajendra as Authorised Officer to dispose immovable properties pledged by company as collateral to avail loans.

Surprisingly, properties having an estimated market value of over Rs 61.5 crore were disposed in an auction at a meagre approximate one-third price of Rs 22.11 crore in January.

company approached DRT against sale which stayed proceedings in February.

"Since matter was pending before DRT, accused demanded undue advant of Rs three lakh from complainant to help and support borrower," Joshi said.