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    Bank of Maharashtra CEO, five others arrested in DS Kulkarni case

    Bank of Maharashtra CEO, five others arrested in DS Kulkarni case

    Bank of Maharashtra CEO, five others arrested in DS Kulkarni case
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    By Jomy Pullokaran   IST (Updated)

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    The Economic offences wing of the Pune police on Wednesday arrested Bank of Maharashtra Chairman and Managing Director Ravindra Marathe along with five others in the DSK Group loan default case.

    The Economic offences wing of the Pune police on Wednesday arrested Bank of Maharashtra Chairman and Managing Director Ravindra Marathe along with five others in the DSK Group loan default case.
    Besides Marathe, executive director Rajendra Gupta; DSK chartered accountant Sunil Ghatpande; DSK VP Engineering Department Rajiv Newaskar; ex-chief managing director, Sushil Muhnoot and bank’s zonal manager Nityanand Deshpande was arrested.
    They have been charged for offences under sections 120(B), 406, 409, 420, 465, 467, 468, 471, 109 r/w 34 IPC & 13(1)(c) r/w 13(2) of the PC Act.
    According to a police statement, bank officers colluded with Pune-based DSK Group by misusing their power and authority with dishonest and fraudulant intention to sanction and disburse the amount of bank under the garb of loan which was siphoned off.
    In a press statement, Bank of Maharashtra, said the total outstanding exposure to D S Kulkarni Developers Limited is to the tune of Rs 94.52 crore, which is fully secured by primary and collateral securities.
    Recovery process like SARFAESI action has already been initiated by the bank and some of the properties are due for auction, statement said.
    The bank said it has also declared DSK Developers Limited and its promoters as willful defaulters and loans sanctioned to firm are as per bank’s lending norms.
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