CEO of top bank arrested over Rs 3,000 loan default case

According to reports, Ravindra Marathe, CEO and Managing Director of Bank of Maharashtra (BoM), was arrested for allegedly colluding with Pune-based DSK Group for fraudulent loan transactions. He was arrested along with five others including Sushil Muhnot, the bank’s former CMD, in connection with the case.

BoM CEO was arrested for allegedly misusing his position to sanction and disburse loans to shell companies. Reports suggest that the bank had given loan on the same property three to four times.

Real estate developer DS Kulkarni and his wife were arrested in February this year for allegedly cheating over 4,000 investors of Rs 1,154 crore and diverting bank loans worth Rs 2,892 crore.