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Bank Of Maharashtra CMD arrested in Rs 3,000 cr fake loans case

  •   Wed, Jun 20 2018 04:48:25 PM

Pune, Jun 20 (IANS): 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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Comment on this article

  • mohan, Mangalore

    Thu, Jun 21 2018

    This not New... many banks senior officials taking loans by forgery name ..business or industries... and duping the banks... this is going on from decade's..

    DisAgree Agree [1] Reply Report Abuse

  • SMR, Karkala

    Thu, Jun 21 2018

    When a national bank gets scammed, or gives bad loans, the cost for fixing those mistakes is paid by us, the taxpayers. According to a Times of India report, in order to help the ailing national banks, the government has contributed Rs 2,60,000 crore in the last 11 years. Meaning that effectively, every Indian has paid about Rs 2,000 out of their pocket.

    In this way, we have all paid an average of Rs 7,600 to the national banks, thanks to their abysmal condition. Just think, 130 crore Indians each bearing the Rs 7,600 burden.

    Official estimates till September 2017 put the amount of bad loans in national banks at Rs 7,34,000 crore. And generally, the amounts recovered from bad loans are negligible.

    Let us assume that the country has lost Rs 7,34,000 crore. In order to fill that gaping hole of crores of rupees, the cost per person for every individual in the country would be Rs 5,600. Imagine, 130 crore Indian citizens would each lose Rs 5,600.

    On one hand, there has been constant talk of revitalising the country, of money coming back to the common citizen. But, in reality, it’s the exact opposite – and because of the banks’ failures, we are losing money right out of our pockets.

    Indian banks have restructured over Rs6 lakh crore (over $93 billion) in bad loans in the last three years, and unearthed over $1.8 billion of fraud in the last three weeks.By my reckoning, the amount that will be irretrievably lost, will be probably around Rs3 lakh crore and not more than that. Modi’s advisor estimates $46.5 billion of India’s bad loans will be “irretrievably lost”

    In 2014 elections BJP promised to bring 'black money'. In 2018 even common peoples bank savings are at risk. RSS driven economic advisors has doomed the nation. Worst is yet come. PM Modi proved only good in world tour and election speeches.

    Jai Hind

    DisAgree [1] Agree [2] Reply Report Abuse

  • SMR, Karkala

    Thu, Jun 21 2018

    Another worrying factor for Indian citizens are recent announcement Bhutan government warns against holding Indian currency in cash of to avoid risk of another note Ban.

    Bhutan’s central bank has cautioned the country’s citizens about keeping Indian currency in cash, citing the risk of future changes in Indian monetary policy, including demonetisation.

    With Indian currency being legal tender in Bhutan, the withdrawal of Rs 500 and Rs 1000 notes by the government in November 2016 had caused hardships, especially for Bhutanese traders and pilgrims.

    Over a year-and-a-half later, Royal Monetary Authority (RMA) issued a notification last week allowing Bhutanese to carry INR 500 notes in and out of Bhutan.

    However, RMA also advised its citizens from stocking Indian currency, adding that the Bhutanese central bank will not be liable if the Reserve Bank of India announced future demonetisation of high denomination notes.

    In August 2017, RMA issued a notification that Indian currency notes of Rs 500 and Rs 200 were not accepted in Bhutan.

    As elections for Lok Sabha is less than one year with many state assemblies going to polls, is PM Modi government is going for round two of 'Demonetisation' as announced before Uttar Pradesh state elections?

    Jai Hind

    DisAgree [1] Agree Reply Report Abuse

  • SMR, Karkala

    Wed, Jun 20 2018

    In just 3 months, India’s state-run banks have already posted $6 billion in losses.
    Fourteen of India’s 21 state-run banks have declared their results for the January to March 2018 quarter so far. The remaining 12 have accumulated over $6 billion (Rs42,043 crore) in losses.

    SBI and PNB, the country’s top two public sector lenders, have reported their biggest ever quarterly losses. Vijaya Bank and Indian Bank are the only ones to register profits. Others, including Bank of Baroda, Bank of India, IDBI Bank, Corporation Bank, Indian Overseas Bank, United Bank, and Andhra Bank, are yet to declare their results.
    Losses posted by India's state-owned banks in January-March 2018
    PNB Rs13,417 crore,
    SBI 7,718
    Canara Bank4,860
    Allahabad Bank 3,510
    Union Bank 2,583
    Syndicate Bank2,195
    UCO Bank 2,134
    Central Bank of India 2,113
    Oriental Bank of Commerce 1,650
    Dena Bank1,225
    Punjab & Sind Bank525
    Bank of Maharashtra113
    When a national bank gets scammed, or gives bad loans, the cost for fixing those mistakes is paid by us, the taxpayers.According to a TOI report, in order to help the ailing national banks, the government has contributed Rs 2,60,000 crore in the last 11 years. Meaning that effectively, every Indian has paid about Rs 2,000 out of their pocket.In this way, we have all paid an average of Rs 7,600 to the national bank.
    Bad loans of the 38 listed banks collectively crossed Rs 10.17 lakh crore in Q4 FY18. In response to an RTI filed by The Times of India, the RBI disclosed that the scheduled commercial banks cumulatively wrote off as much as Rs 2.25 lakh crore through the five-year period that ended in March 2016. From April 2014-March 2018, Rs. 77,000 crore worth of bank loan frauds took place under the Modi government. Is this Modi’s way of fighting corruption?
    If the new Financial Resolution and Deposit Insurance Bill, 2017 bill may take away all your money in bank.According to the Bill, a failing bank may be allowed to use depositors' money to stay afloat.
    JH

    DisAgree [1] Agree [13] Reply Report Abuse

  • El En Tea, Mumbai

    Wed, Jun 20 2018

    Dear SMR karkala
    You have accurate information to share to Good Indians hatsup

    DisAgree [1] Agree [11] Reply Report Abuse

  • Krishna Dasa, Udupi,.

    Thu, Jun 21 2018

    No way out for Indian Citizens, Public sector Loan defaults, waving farm & small business Loan by Governments, and increase in International Crude oil price will bring down Indian Economy and my India will be disintegrated in to Lawless multiple Nations. Soon Rupees 500 will equal one US Dollar.

    Lord Krishna advised me not to trust the current rulers of my country and told me in a vision to move all my hard earned money to foreign Banks in Dollars and Euros. Also told me to keep a one way Airline ticket ready to fly abroad on a short notice. Lord Krishna show me the right path.

    DisAgree Agree [2] Reply Report Abuse

  • peddu, Mangalore

    Wed, Jun 20 2018

    This reminds me of the dialogue from the movie "Jane Bi Do Yaro"... "Adha Kaho Adha Pheko … Bahut Maza Ayega"...

    No wonder the BJP could accumulate so much funds in 4 years...

    DisAgree [2] Agree [11] Reply Report Abuse

  • 57"Chest, Mangalore

    Wed, Jun 20 2018

    All arrested are from BJP ruled states and will be given Clean Chit. These arrests are just an eye wash.

    DisAgree [2] Agree [15] Reply Report Abuse

  • Flavian dsouza, chik/bengaluru

    Wed, Jun 20 2018

    very soon they will escape ...just 20 crores is enough to settle anywhere in the world

    DisAgree [2] Agree [8] Reply Report Abuse

  • sri_elder, Karkala

    Wed, Jun 20 2018

    I am sure these loans are dated back to 2010

    DisAgree [17] Agree [3] Reply Report Abuse

  • Reshmi Salian, Mangalore

    Wed, Jun 20 2018

    No..it's from 1947. Nehru is responsible for this fraud.

    DisAgree [1] Agree [14] Reply Report Abuse

  • Krishna, Mangalore

    Wed, Jun 20 2018

    Super. Sixer. over. the. head. of. goshalas

    DisAgree [2] Agree [11] Reply Report Abuse

  • Santan Mascarenhas, Kinnigoli/Toronto

    Wed, Jun 20 2018

    I am looking for a bank, who can do 2 things for me:
    Give me a loan, and
    then leave me alone.

    DisAgree Agree [16] Reply Report Abuse

  • Langoolacharya, Belman / Washington,DC

    Wed, Jun 20 2018

    Take Mallya to the bank with his Calendar Girls....you will not be disappointed...Go to Bola branch...

    ...JH...

    DisAgree [2] Agree [1] Reply Report Abuse

  • KRPrabhu, Mangalore/Bangalore

    Wed, Jun 20 2018

    Confiscate assets of the accused bank executives,their family members ,stop pension,all retirement benefits..also.Till en we jury is completed let them be behind bars....in the interest if free and fair probe.Such a mega fraud can't be possible without involvement of politicians ..find out who they are.

    DisAgree Agree [9] Reply Report Abuse


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