Life Insurance Corporation Of India; CEO Arrested, LIC Share Price Affected

LIC that is life insurance corporation of india which is a nation’s  leading  insurance company of india.Most of the indians prefer to do life insurance with LIC as we all believe in LIC. But here is a bad news from LIC.The CEO of LIC and seven other officers three from public sector banks also general Manager of the Bank of India were arrests by CBI(central Bureau of Investigation) of india today.

They all were arrested in the case of housing scam.The officers of LIC charge large huge amount of money  to approve mass corporate loans by compulsory or useless conditions, and create other irregularities.The companies from they charge huge amount include wind energy developer Suzlon, hill station township builder Lavasa, and Mumbai developer DB Realty.They charge 50 lakh in Indian rupees to approve the loan.

This is a biggest scandal LIC ever had.After this scandal the  LIC housing finance Shares prices were  effected, and they decreases from 11.5% to 3.5% this morning, yesterday the share price  decrease to 18%.