ugc_banner

EOW arrests Bank of Maharashtra chairman in Rs 3,000 crore fraudulent loans case

WION Web Team
New Delhi, Delhi, IndiaUpdated: Jun 21, 2018, 10:03 AM IST
main img
File photo Photograph:(Zee News Network)

The Economic Offences Wing arrested Bank of Maharashtra chairman Ravindra P Marathe from Pune on Wednesday. 

Marathe is accused of extending Rs 3,000 crore in fraudulent loans to Pune's DSK Group. 

News reports said the EOW also arrested Bank of Maharashtra's Executive Director Rajendra K Gupta, Zonal Manager Nityanand Deshpande from Ahmedabad, and former CMD Sushil Muhnot from Jaipur.

The 83-year-old Bank of Maharashtra is headquartered in Pune. It is a major public sector bank. 

The reports added that two officials of the DS Kulkarni Group, chartered accountant Sunil Ghatpande and VP Engineering Rajiv Newaskar, were also arrested.

The reports quoted the EOW as saying Bank of Maharashtra officers had colluded with the company's officials to disburse the loans, which were then siphoned off. 

The reports added that Marathe had been arrested for allegedly misusing his powers to sanction huge loans to shell companies.