Business

Bank Of Maharashtra: CMD Ravindra Marathe Arrested In 3,000 Crore Loan Case

ANANYA BHATNAGAR | 0
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| June 20 , 2018 , 18:09 IST

The Economic Offences Wing (EOW) of Maharashtra Police on Wednesday arrested Ravindra P. Marathe, the Chairman and Managing Director of Bank of Maharashtra, in a case of Rs 3,000 crore loan extended to Pune's DSK Group.

Ravindra Marathe has been arrested for allegedly misusing his powers to sanction huge amounts of loans to shell companies.

According to the prosecutors, the bank executive and officials conspired with the DSK Group to sanction and disburse the amount of the bank under the garb of loans and the money was later drawn off.

The police have also arrested bank's Executive Director Rajendra K. Gupta, Zonal Manager Nityanand Deshpande from Ahmedabad and former CMD Sushil Muhnot from Jaipur.

The police while addressing the media said, “Two officials of the DS Kulkarni Group, chartered accountant Sunil Ghatpande and VP Engineering Rajiv Newaskar, have also been arrested in the same case.”.

All the arrested accused have been charged under various sections of the Prevention of Corruption Act and also various other laws pertaining to cheating, forgery and criminal conspiracy

DSK group’s owner 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.