Bank Of Maharashtra CMD arrested in Rs 3,000 cr fake loans case
Pune, June 20 : 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 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.
According to the investigators, the bank executive and officials colluded with the DSK Group "with dishonest and fraudulent intentions to sanction and disburse the amount of the bank (BoM)" under the garb of loans and the money was later siphoned off.
All the arrested accused have been charged under various provisions of the Prevention of Corruption Act and other laws pertaining to cheating, forgery, criminal conspiracy and breach of trust.
The Pune-based mega group's owners D.S. Kulkarni and his wife Hemanti were arrested in February on charges of cheating over 4,000 investors of over Rs 1,150 crore and diverting bank loans of nearly Rs 2,900 crore.
As a follow-up in the case, last month, the Maharashtra government had ordered attachment of more than 120 properties, 275 bank accounts and four dozen vehicles belonging to the owners and the company invoking the provisions of Maharashtra Protection of Interests of Depositors Act, 1999.
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Delhi Police busts LPG black marketing racket in Bawana, 75 cylinders seized; 1 held
New Delhi (PTI): Delhi Police has busted an LPG cylinder hoarding and black marketing racket in the Bawana area, an officer said on Friday.
A 50-year-old man, identified as Anil, has been arrested and 75 cylinders seized, he said.
The accused was apprehended following a tip-off about the illegal storage and transportation of LPG cylinders in the industrial area.
Acting on the input, a police team laid a picket near District Park in Bawana on Thursday evening. Around 4 pm, a pickup truck was intercepted and checked, leading to the recovery of 27 LPG cylinders, including both domestic and commercial units.
"When questioned, the accused failed to produce any valid documents, including a licence, permit, stock register or proof of ownership for the cylinders," the officer said.
During interrogation, Anil revealed that more cylinders were stored at nearby premises. Based on his disclosure, police raided two rooms and an iron shed near a factory in the area.
"A total of 48 additional cylinders were recovered, taking the overall seizure to 75. The cylinders were stored without safety measures or legal authorisation, posing a serious risk," the officer said.
Disruptions in maritime supply routes through the Strait of Hormuz amid the ongoing US-Israel and Iran conflict have caused an LPG crisis in India.
