NEW DELHI - Indian police have arrested the chairman of state-run Syndicate Bank, Sudhir Kumar Jain, and several others over allegations of bribery.
Jain has been accused of taking bribes to raise credit limits of firms, BBC News reported.
The Central Bureau of Investigation (CBI) said it recovered five million rupees allegedly paid to Jain. The CBI said it had seized cash, documents and computer records after conducting raids across 20 different locations in Delhi, Mumbai, Bangalore and Bhopal.
It also said that other banks were also involved in the conspiracy. A total of 12 people, including the chairman of the bank, are being investigated.