A number of financial service firms have had charges filed against executives in an alleged bribes-for-loans case.

The police are reported to have begun investigating 21 large companies last November. The bribes-for-loans scandal struck lending and infrastructure shares.

The then-secretary of top state-run insurer Life Insurance Corp (LIC), then-chief executive of Life Insurance Corporation of India Housing Finance, a former general manager of Bank of India and a former deputy general manager of Punjab National Bank have had charges filed against them by the Central Bureau of Investigation for allegedly accepting bribes.

According to the CBI, executives at some companies had allegedly accepted bribes from Money Matters Financial Services, said to have been instrumental in deals resulting in large loans to the infrastructure sector.