The Central Bureau of Investigation (CBI) has arrested chairman and managing director of state-owned Syndicate Bank S K Jain in an alleged bribery case.The allegation pertains to Mr Jain asking for a bribe to extend credit facilities to certain companies, a CBI official said.

The official added that simultaneous raids at 20 places across Delhi, Bangalore, Bhopal and Mumbai were conducted."The bribe amount of Rs. 50 lakh has also been recovered. So far, the searches have led to recoveries of several asset papers and incriminating documents," the official said.