WEB DESK
The Economic Offences Wing (EOW) has arrested Ravindra P. Marathe, the Chairman and Managing Director of Bank of Maharashtra, in a case of Rs. 3,000 crore 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.
Two officials of the DS Kulkarni Group, chartered accountant Sunil Ghatpande and VP Engineering Rajiv Newaskar, have also been arrested in the same case, the police said.
Marathe has been arrested for allegedly misusing his powers to sanction huge amounts of loans to shell companies.