Bank of Maharashtra CMD Ravindra Marathe arrested in Rs 30bn DSK Group scam

The 83-year-old Pune-headquartered Bank of Maharashtra is ranked among the major public sector banks in India

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In a sudden development, the Economic Offences Wing (EOW) here arrested Ravindra P. Marathe, the Chairman and Managing Director of Bank of Maharashtra, in a case of Rs 30 billion fraudulent loans extended to Pune's DSK Group, an official said here on Wednesday.

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.

The 83-year-old Pune-headquartered Bank of Maharashtra is ranked among the major public sector banks in India.

The bank's present Chairman and Managing Director Ravindra Marathe, Executive Director Rajendra Gupta, Zonal Manager Nityanand Deshpande, bank's former CMD Sushil Muhnot, Kulkarni's CA Sunil Ghatpande, and vice president Rajiv Newaskar of the engineering department of Kulkarni's firm, D S Kulkarni Developers Ltd (DSKDL), were arrested, the official added.

While Deshpande was arrested from Ahmedabad, Muhnot was picked up from Jaipur. All others were arrested from Pune, the police said.

They were booked under various sections of the IPC and the Prevention of Corruption Act.

In May, the city police had filed a 37,000-page charge-sheet against Kulkarni and his wife in the case.

Read More On → Bank of Maharashtra

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