The CBI has registered a bribery case against S.K. Jain, chairman and managing director of state-owned Syndicate Bank, an official said on Saturday.
The allegation pertains to Mr Jain asking for a bribe to extend credit facilities to certain companies, a Central Bureau of Investigation (CBI) official said.
The official added that simultaneous raids at 20 places across Delhi, Bangalore, Bhopal and Mumbai have been conducted.
"The bribe amount of Rs. 50 lakh has also been recovered. So far, the searches have led to recoveries of several asset papers and incriminating documents," the official said.
Further investigation is on, the official added.
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