EoW makes arrest of Bank of Maha official, in this case

The case pertains to Rs. 3,000 crore fraudulent loans extended to Pune's DSK Group

Yet another major action against the bank fraud cases as the Economic Offences Wing (EOW) arrested Ravindra P. Marathe, the Chairman and Managing Director of Bank of Maharashtra.

The case pertains to Rs. 3,000 crore fraudulent loans extended to Pune’s DSK Group.

It was informed that the EOW has also arrested the bank’s Executive Director Rajendra K. Gupta, Zonal Manager Nityanand Deshpande from Ahmedabad and former CMD Sushil Muhnot from Jaipur.

It need be mentioned that Pune-headquartered Bank of Maharashtra is ranked among major public sector banks in India.

Police claimed to have arrested two more officials of the DS Kulkarni Group.

They have been identified as chartered accountant Sunil Ghatpande and VP Engineering Rajiv Newaskar.

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

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.

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