VK Sharma appointed new LIC Housing chief

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LIC has appointed VK Sharma as the chief executive officer of LIC Housing Finance with effect from November 25 after RR Nair, the previous CEO, was arrested by the CBI in relation to a multi-crore housing loan fraud.

Sharma is the head of LIC for the southern region of the country.

Earlier on Thursday, Nair confessed aiding DB Realty and Jaypee Group in the scam, according to CBI sources. He also hinted that other officials were involved in the entire process.

The Central Bureau of Investigation (CBI) director, Balwinder Singh, has flown to Mumbai to take stock of the entire situation. The CBI has said the five firms accused in the scam took loans and in turn invested in stock markets. A total of Rs. 1,000 crore was issued to these firms.

The board of Money Matters, the financial services firm accused in the fraud, will meet on Friday to discuss the proceedings. According to sources, commission was paid to Money Matters CMD Rajesh Sharma to fix the LIC-Welspun Gujarat deal.

On April 18, LIC bought 7.5 per cent stake in Welspun and the deal is allegedly fixed by Money Matters. However, Welspun has denied any such dealing.


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