Syndicate Bank scandal: CBI orders internal probe for Bhushan Steel exec's escape

The Central Bureau of Investigation may have arrested Syndicate Bank chairman and managing director SK Jain for his alleged involvement in a bribery scandal, but the chief of the investigating agency has reportedly ordered a probe against officers for their failure to arrest a co-accused in the case despite the fact that they raided his house.

A team of the CBI had reportedly raided the residence of Bhushan Steel vice chairman Neeraj Singhal on 1 August in connection with the alleged bribe offered to the Syndicate Bank chairman and even met with the executive, according to a Financial Express report.

However, despite having clearance to arrest Singhal the team returned after serving him a notice asking the executive to appear before the investigating agency the next day.

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Expectedly, Singhal did not turn up on Saturday and the CBI was unable to trace his whereabouts. Singhal then applied for anticipatory bail and his plea is expected to be heard today.

The CBI has said it could initiate disciplinary action against its officers for their actions, reported the Times of India.

Syndicate Bank CMD SK Jain was arrested by the Central Bureau of Investigation on Saturday for allegedly accepting a bribe of Rs 50 lakh for the irregular enhancement of the credit limit of some companies like Bhushan Steel. Singhal is accused of being involved in paying the bribe to Jain through a group of middlemen.