The CBI on Wednesday arrested 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 General Manager of Bank of India (Delhi) R N Tayal. The officials allegedly colluded with the 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. He said that they were also gathering confidential business information from financial institutions.Incriminating documents were seized during searches which were carried out at various locations in Mumbai, Delhi, Chennai, Jaipur, Kolkata and Jalandhar. The spokesman said that CBI has registered five separate cases and investigation is on.