The Pune police pull today arrested Ravindra Marathe, the Managing Director as well as Chief Executive Officer (MD & CEO) of Bank of Maharashtra, along amongst executive manager RK Gupta for extending to a greater extent than or less Rs. thirty billion fraudulent loans to Pune-based DSK Group. Sushil Muhnot, the old CMD of the bank, was besides nabbed from Jaipur inwards connectedness amongst the loan default.
Marathe was appointed every bit the doctor as well as Chief Executive Officer of the banking corporation inwards September 2016, spell Gupta was appointed every bit the executive manager of the banking corporation inwards Dec 2013.
Marathe was arrested for allegedly misusing his ability inwards sanctioning loans to crunch companies. The banking corporation had given loan on the same holding 3 to iv times. The defendant bring been booked nether sections 120 B (criminal conspiracy), 406 (criminal breach of trust), 409 (Criminal breach of trust yesteryear populace servant, banker, merchant or agent), 420 (cheating), 465 (forgery) as well as other relevant sections of the Indian Penal Code as well as the Prevention of Corruption Act.
According to a police pull statement, the banking corporation officers colluded amongst DSKDL yesteryear misusing their ability as well as authorisation amongst dishonest as well as fraudulent intention to sanction as well as disburse the sum of banking corporation nether the garb of loan which was siphoned off.