State-Owned Indian Bank Chief Arrested For Trying To Keep Country’s Default Rate Down

Sudhir Kumar Jain is sure there’s a reasonable explanation for the $80K that found its way to him from some companies that needed a little more time to pay their debt. India’s Central Bureau of Investigation is less so.

“Sudhir Kumar Jain was arrested late Saturday. He’s in our custody,” said Kanchan Prasad, CBI spokeswoman….

The CBI said it recovered 5 million rupees ($82,209) that was allegedly being paid by a private company to the bank’s head through middlemen to get extensions on loans after it had defaulted on loan repayments.

Syndicate Bank Chairman Is Arrested [WSJ]