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India Probes $349 Million of Life Insurance Corp., Unit Loans

Indian federal investigators are probing 16 billion rupees ($349 million) of loans extended by Life Insurance Corp. of India and LIC Housing Finance Ltd., said a finance ministry official who declined to be identified.

Authorities Nov. 24 arrested Ramachandran R. Nair, chief executive officer of LIC Housing Finance Ltd., Rajesh Sharma, chairman of Mumbai-based securities firm Money Matters Financial Services Ltd. and executives at three lenders. The Central Bureau of Investigation accused Sharma of conspiring with Nair to bribe state-run lenders’ executives in exchange for loans for clients and confidential information.