Maharashtra: In a fraud loan case of Rs. 3,000 crore extended to Pune’s DSK Group, the Chairman and Managing Director of Bank of Maharashtra, Ravindra P. Marathe has been arrested by the Economic Offences Wing (EOW) yesterday, as per the information given by an official.
EOW has also detained the bank’s Executive Director Rajendra K. Gupta, Zonal Manager Nityanand Deshpande from Ahmedabad and former CMD Sushil Muhnot from Jaipur for the same.
According to the information given by the police, two officials of the DS Kulkarni Group, chartered accountant Sunil Ghatpande and VP Engineering Rajiv Newaskar, have also been arrested in the same case.
As per the investigators, the bank executive and 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 Prevention of Corruption Act and other laws 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.
As a follow-up in the case, last month, the Maharashtra government had 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.