New Delhi, Sep 27 (IANS): The Central Bureau of Investigation (CBI) has arrested income tax commissioner Homi Rajvansh for corruption during his tenure in National Agricultural Cooperative Marketing Federation of India (NAFED) in 2005, an agency official said Tuesday.

Rajvansh, who was on deputation as additional managing director for NAFED in Kolkata, was arrested here Monday for issuing loans to private parties without any securities.

Four businessmen, who who allegedly connived with Rajvansh in the cheating, were also arrested.

"Rajvansh, an Indian Revenue Service officer of the 1985 batch, allegedly connived with private parties and issued loans without seeking any collateral," the official said.

The CBI team also raided Rajvansh's office in the Agra Income Tax Office besides the official guest house in Agra, where he used to reside during his Agra stay.

The arrested businessmen were identified as Lalit Mohan, proprietor of Roshal Lal Lalit Mohan, Vinod Gupta, joint managing director of Zenith Mining Pvt Ltd, S.K. Jain, chief managing director of Reliance Polycrete Ltd and Daulat Singh Chauhan, chief executive officer of ITM Impex Pvt Ltd.

While Mohan allegedly cheated NAFED to the tune of Rs.59 crore, Gupta's cheated the institution of Rs.90 crore. Jain and Chauhan allegedly cheated it for an amount of Rs.18.33 crore.