The CBI has arrested the CEO of LIC Housing Finance Ramachandran Nair and seven others in connection with an alleged housing finance racket. They include three top officials of public sector banks including the General Manager of the Bank of India (Delhi) R N Tayal. The officials allegedly colluded with a firm to sanction large scale corporate loans by overriding mandatory conditions for such approvals. They also committed other irregularities. The CBI spokesman said in a statement that Premier Investigating Agency has busted a racket wherein a private financial services company, its CMD and other associates were allegedly bribing senior officials of public sector banks and financial institutions for facilitating large scale corporate loans.