News: Police arrests Bank of Maharashtra MD & CEO over bad loans

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Police arrests Bank of Maharashtra MD & CEO over bad loans

The Pune police also arrested Bank of Maharashtra's former MD & CEO Sushil Munhot in the same case.
Police arrests Bank of Maharashtra MD & CEO over bad loans

The Economic Offences Wing of the Pune police on Wednesday arrested Bank of Maharashtra CEO & MD  Ravindra Marathe, Executive Director Rajendra Gupta and two other bank officials for allegedly disbursing crores of rupees in loans to DSK Developers Limited without following proper procedure and in violation of RBI Guidelines. 

In a Bombay Stock Exchange filing on Wednesday, June 20th 2018, Bank of Maharashtra said, “We hereby inform that R P Marathe, Managing Director &CEO, Executive Director, R K Gupta and another one officer of Bank have been called up by Economic Offence Wing (EOW), Pune at its office today for enquiry in relation to ongoing case of D.D Kulkarni Developers Limited. Subsequently, they have been granted police custody remand till 27.6.2018.”

In the filing, the bank also mentioned the outstanding exposure of Bank of Maharashtra to D S Kulkarni Developer is Rs 94.52 crore. The Pune police also arrested Bank of Maharashtra’s former MD &CEO Sushil Munhot in the same case. 

Investigating officer and assistant commissioner of police (EOW) Nilesh More said, “The bank officers colluded with DSKDL, the group’s flagship company, to sanction and disburse the amount under the garb of a loan, which was siphoned off.”

Pic Credit- Indian Express 

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Topics: C-Suite, #Corporate

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