The Life Insurance Corp of India (LIC) has appointed V K Sharma as the new chief executive officer (CEO) of LIC Housing Finance with effect from November 25 after R R Nair, the previous CEO, was arrested by the CBI in relation to a multi-crore housing loan scam.
Sharma is the head of LIC for the southern region of the country.
The CBI had arrested eight financial officials, including the chief executive of LIC Housing Finance and investment secretary at parent LIC, on charges of receiving bribes for granting loans.
LIC Chairman T S Vijayan Vijayan had earlier said as per the company policy the two arrested group officials would be suspended after two days of police custody.
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