The Economic Offences Wing of the Central Bureau of Investigation has unearthed a multimillion-rupee bribery scam and arrested top officials of public sector banks and financial institutions, including the Chief Executive Officer of the Life Insurance Corporation Housing Finance Limited.

On Tuesday, the CBI conducted raids in Mumbai, Delhi, Chennai, Jaipur, Kolkata and Jalandhar and seized some documents. “Five separate cases have been registered,” Joint Director P. Kandaswamy told a press conference here on Wednesday.

The arrested include Naresh K Chopra, Secretary (Investment), LIC, Mumbai; Ramchandran Nair, Director and Chief Executive Officer, LIC Housing Finance Limited, Mumbai; R.N. Tayal, General Manager, Bank of India, Mumbai; Manindersingh Johar, Director (Chartered Accountant), Central Bank of India, New Delhi; Venkoba Gujjal, Deputy General Manager, Punjab National Bank, New Delhi; Rajesh Sharma, chairperson and managing director of Money Matters, Mumbai; and Suresh Gattani and Sanjay Sharma, also of the private financial services company.

Mr. Kandaswamy said Money Matters used to bribe officials of these public sector banks and financial institutions to facilitate large-scale corporate loans and other facilities.