Bank of Maharashtra MD & CEO Arrested in Loan Fraud Case

The Pune police today arrested Ravindra Marathe, the Managing Director and Chief Executive Officer (MD & CEO) of Bank of Maharashtra, along with executive director RK Gupta for extending around Rs. 30 billion fraudulent loans to Pune-based DSK Group. Sushil Muhnot, the former CMD of the bank, was also nabbed from Jaipur in connection with the loan default.

Marathe was appointed as the MD and Chief Executive Officer of the bank in September 2016, while Gupta was appointed as the executive director of the bank in December 2013.

Marathe was arrested for allegedly misusing his power in sanctioning loans to shell companies. The bank had given loan on the same property three to four times. The accused have been booked under sections 120 B (criminal conspiracy), 406 (criminal breach of trust), 409 (Criminal breach of trust by public servant, banker, merchant or agent), 420 (cheating), 465 (forgery) and other relevant sections of the Indian Penal Code and the Prevention of Corruption Act.

According to a police statement, the bank officers colluded with DSKDL by misusing their power and authority with dishonest and fraudulent intention to sanction and disburse the amount of bank under the garb of loan which was siphoned off.

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