Bank of Maharashtra chief arrested for 2040 Crore loan fraud case

Bank of Maharashtra chief arrested for 2040 Crore loan fraud case

Bank of Maharashtra chief and 5 others arrested in 2040 Crore loan fraud case

The Economic offences wing (EOW) of Pune Police arrested Ravindra Prabhakar Marathe,
managing director and chief executive officer (CEO) of Bank of Maharashtra,
along with five others in connection with the Rs 2,043 crore DS Kulkarni Developers fraud case.

Besides Marathe those captured incorporate the bank’s previous executive and MD Sushil Muhnoot from Jaipur; Rajendra Gupta,
official executive and Nityanand Deshpande, the bank’s zonal chief, who was arrested from Ahmedabad.
Likewise captured were Sunil Ghatpande, DSK’s contracted bookkeeper and Rajiv Newaskar, DSK Group’s VP of the designing office.

Marathe, Gupta, Newaskar and Ghatpande were presented under the steady gaze of uncommon judge RN Sardesai in Pune who remanded them in police care till June 27.
Muhnoot and Deshpande are on remand. They must be having a good time probably!

All the charged have been reserved by the Shivajinagar police headquarters under Sections 120 (B), 406, 420 of the Indian Penal Code (IPC).
Moreover, they have additionally been reserved under Section 3 and 4 of the Maharashtra Protection of Investor Deposits Act, 1999.

ACP Nilesh More, who is the exploring officer for the situation, in his remand application under the steady gaze of the court expressed that Muhnoot,

Gupta and Deshpande abused their situations in authorizing gigantic advances to the DSK Group.
The blamed authorized a sum for Rs 100 crore for DSKDL’s Dream City venture through a consortium without any legitimate tie-up with the bank.

The CEO did not stop and proceeded with changing the first determination of the credit authorized and issued bearings for a quick arrival of Rs 50 crore to the DSK Group.

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