India Fake Loans Case Worth 3,000 Crores, Bank of Maharashtra Chairman Arrested

Fake Loans Case Worth 3,000 Crores, Bank of Maharashtra Chairman Arrested

On Wednesday the chairman of Bank of Maharashtra, Ravindra P. Marathe arrested in fake loans case of worth 3,000 crores. He allegedly extended fraudulent loans to Pune’s DSK Group of worth 3,000 Crores. The EOW( Economic Offenses Wing) has also arrested the bank’s Executive Director Rajendra K. Gupta, Zonal Manager Nityanand Deshpande from Ahmedabad and former CMD Sushil Muhnot from Jaipur. Bank of Maharashtra is one of the major public sector banks of India.

Mr Marathe allegedly misused his powers and sanctions huge amount of loans to shell companies. Moreover, two officials of DS Kulkarni Group chartered accountant Sunil Ghatpande and VP Engineering Rajiv Newaskar are also arrested in this case. All of them are booked under various provisions of the Prevention of Corruption Act.

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DS Kulkarni and his wife Himani, the owners of Pune-based mega groups were arrested in February. They allegedly cheated 4,000 investors over 1,150 crores.

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