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

1475511445-2148

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

Comments

Post a Comment

Popular posts from this blog

CBSE 10th result 2018 to be out tomorrow at 4pm on cbse.nic.in; updates

Image
CBSE 10th result 2018 will be declared on May 29, Central Board of Secondary Education confirmed. Check for CBSE Results updates on Business Standard CBSE 10th Result 2018 will be declared on Tuesday at 4pm.  The Central Board of Secondary Education  (CBSE) today announced that CBSE Class 10 result 2018 will be declared tomorrow. Over 16 lakh students appeared for Class 10 exams this year. CBSE will release CBSE 10th result 2018 on its official website  http://cbse.nic.in  or  http://cbseresults.nic.in . "Results of CBSE Class 10 examinations for 2017-18 to be declared by 4 pm on 29th of May, 2018," tweeted Union Education Secretary Anil Swarup. The  CBSE Class 10  exams were marred by controversy in 2018 with question paper leaks being reported from Delhi-NCR, Haryana and Jharkhand of Class 10 mathematics paper, but the HRD ministry had decided against conducting a re-examination in the "interest of students". This was the first batch to appear fo
Read more

Xiaomi Redmi S2 leak shows Redmi Note 5 Pro-inspired design: Details here

Image
The India-bound budget-centric smartphone is reported to sport dual rear cameras and feature face-unlock mechanism. Here are all the details you need to have for the upcoming Xiaomi smartphone Chinese smartphone manufacturer Xiaomi is closely working on a new Redmi device that is also expected to make its way to India. Touted as the  Redmi S2 , the budget-centric smartphone is reported to sport dual rear cameras and feature the face-unlock mechanism, according to a report by online technology-based forum XDA-developers. Now, the phone's purported image renders, shared by a Czech-based online publication SvetAndroida, show Redmi S2's front and back views. Based on renders, the phone would sport a tall 18:9 aspect ratio screen on the front and dual cameras on the back, along with a fingerprint scanner. The phone’s back seems identical to the Redmi Note 5 Pro, which was launched in India on February 14. However, the dual antenna lines on top and bottom have a differe
Read more

Restructuring: Tata Motors rolls out VRS, moves to a flat five-level hierarchy

Image
So far, less than 500 executives have been offered VRS, which roughly includes one year's salary Tata Motors, India’s largest automobile maker, has started rolling out a voluntary retirement scheme (VRS) for its employees as part of its organisational restructuring exercise. This is part of a human resources (HR) restructuring drive that is expected to transform the organisation into a much leaner company with a flat hierarchical structure. The new structure will be in place from April 1. So far, less than 500 executives have been offered VRS, which roughly includes one year’s salary, among other benefits, sources said. The company, however, did not confirm the details of the VRS package or how many were offered VRS. A company spokesperson said: “ Tata Motors  confirms that as part of the ongoing organisation effectiveness project, where we have already finalised the top two levels of our management structure, a proposal on VRS package has been presented and approved by
Read more