Public Sector Bank of Maharastra Chairman & CEO along with Executive Director, Zonal Manager and previous Managing Director arrested by Economic Offences Wing (EOW)  in a case of Rs. 3,000 crore fraudulent loans extended to Pune’s DSK Group.

Beside Ravindra P. Marathe, the Chairman and Managing Director of Bank of Maharashtra, the EOW has also arrested the bank’s Executive Director Rajendra K. Gupta, Zonal Manager Nityanand Deshpande from Ahmedabad and former CMD Sushil Muhnot.

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.

Pune-based builder DS Kulkarni and his wife Hemanti who were arrested in February this year are accused of cheating over 4,000 investors of Rs 1,154 crore and diverting bank loans worth Rs 2,892 crore.