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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Indian police widen real estate bribery probe AFP - 2 hours 28 minutes ago Send IM Story Print Indian police widen real estate bribery probe MUMBAI (AFP) - – India's top crime investigation agency on Friday issued notices to 21 companies as it stepped up its probe into an alleged loans-for-bribes racket that has shaken investor confidence. The move came after police Wednesday arrested eight executives of state-run lenders, an insurance firm and a brokerage on charges of giving and receiving bribes for sanctioning loans to several firms including property developers. The move by the Central Bureau of Investigation (CBI) has rattled stock market investors and prompted the government to ask all state-run lenders and insurers to look into their exposure to the firms. The arrests marked the latest in a string of corruption scandals in India to be uncovered in the past few months. The scandal dragged India's benchmark indexes lower for a third day Friday, as stocks of companies and lenders named in the scandal fell sharply. The CBI issued notices to firms including Lavasa Corp, a unit of Hindustan Construction; DB Realty; Pantaloon Retail (India); Religare Enterprises; Jaiprakash Associates unit Jaiprakash Power Ventures and Mantri Realty. "It is not a fraud case as of today... it is primarily a case of bribery and corruption," Balwinder Singh, the CBI's special director, told reporters. He didn't say if the agency would widen the probe to more companies, but said "whatever investigations reveal, we will go ahead with that". In New Delhi, the government said it had not instructed banks to cut lending to the real estate sector. Property developers have suffered the most in the market sell off since the scandal broke, and some media reports said earlier Friday the scandal could cause a cash crunch at these companies. Investors shunned the shares of the companies named in the probe such as Jaiprakash Associates, which fell eight percent to 105.75 rupees, and DB Realty, which slumped 10 percent to 211.75 percent. The 13-stock BSE Realty index closed down 4.7 percent at 2,742.81, after touching an intraday low of 2,454.52. The shares fell despite most companies issuing statements regarding their role in the alleged scam and their association with Money Matters Financial Services, the brokerage whose chairman was one of the eight people arrested. Hindustan Construction chairman Ajit Gulabchand said transactions with Money Matters were "very clear, very business-like and syndicated without any special favors". Kishore Biyani, managing director at Pantaloon Retail, said the company had no transactions with entities named in the case. Religare Enterprises Group chief executive Shachindra Nath said there was no probe into the company. Manoj Gaur, managing director at Jaiprakash Associates, said the company responded to the CBI notice but did not elaborate. Executives at other companies were not available for comment. Separately, Prashant Saran, a member of the Securities and Exchange Board of India, said the capital markets regulator was committed to protecting investors' interests. His remarks followed an Economic Times newspaper report earlier Friday, which cited an unnamed SEBI official as saying at least nine companies associated with the bribery case were being investigated for insider trading. 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