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Bank Of Maharashtra CMD arrested in Rs 2,043 cr fake loans case
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SME Times News Bureau | 21 Jun, 2018
In a major swoop, the Economic Offences Wing (EOW) here arrested
Ravindra P. Marathe, the Chairman and Managing Director of Bank of
Maharashtra, and six others in a case of around Rs 2,043 crore
fraudulent loans extended to Pune's DSK Group, an official said here on
Wednesday.
The EOW has also arrested the public sector bank's
Executive Director Rajendra K. Gupta, Zonal Manager Nityanand Deshpande
from Ahmedabad and former CMD Sushil Muhnot from Jaipur.
The 83-year-old Pune-headquartered Bank of Maharashtra is ranked among the leading PSBs in India.
Besides,
two officials of the DS Kulkarni Group, chartered accountant Sunil
Ghatpande and VP Engineering Rajiv Newaskar, have also been arrested in
the same case, police said.
They were produced before a Pune court which sent them to police custody till June 27, an official said.
Following
a complaint lodged by Jitendra N. Mulekar, an investor who is a senior
citizen, Marathe and others were arrested by the EOW sleuths for
allegedly misusing their powers to sanction huge amounts of loans to
shell companies.
According to the investigators, the bank's top
executive and other officials colluded with the DSK Group "with
dishonest and fraudulent intentions to sanction and disburse the amount
of the bank (BoM)" under the garb of loans and the money was later
siphoned off.
All the arrested accused have been charged under
various provisions of the Indian Penal Code and Prevention of Corruption
Act, pertaining to cheating, forgery, criminal conspiracy and breach of
trust.
The Pune-based mega group's owners D.S. Kulkarni and his
wife Hemanti were arrested in February on charges of cheating over 4,000
investors of over Rs 1,150 crore and diverting bank loans of nearly Rs
2,900 crore.
Among the charges are false papers showing purported
loans received from other banks like State Bank Of India, Union Bank Of
India, Syndicate Bank, IDBI Bank, Vijaya Bank and others, clearing
loans without following due procedures or exercising due diligence.
With
Wednesday's six arrests, the total number of accused in all the cases
filed so far has gone up to 19, even as further investigations are
underway.
As a follow-up in the case, the Maharashtra government
last month ordered attachment of more than 120 properties, 275 bank
accounts and four dozen vehicles belonging to the owners and the company
invoking the provisions of Maharashtra Protection of Interests of
Depositors Act, 1999.
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