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The board of directors of the bank of Maharashtra on Friday decided to remove the CEO and CEO arrested Ravindra P. Marathe and executive director Rajendra K. Gupta from all functional responsibilities with immediate effect.
According to one statement, Executive Director AC Rout was appointed in their place at the Pune Bank.
Development took place nine days after the Pune Police Economic Crime Squadron (EOW) took over Marathe, Gupta and five other people in a case of Rs 2.43 crores fraudulently granted to the DSK group based in Pune.
The EOW also arrested the area director of the public sector bank, Nityanand Deshpande of Ahmedabad and the former CMD Sushil Muhnot of Jaipur.
The 83-year-old bank is ranked among the main PSB in India and the arrests
In addition, two officials of the DS Kulkarni group, the chartered accountant Sunil Ghatpande and the vice president of engineering, Rajiv Newaskar, were also arrested in this case.
A few years ago, Marathe was released on bail and others were released on bail Friday, even as the subject snowballed into a major political controversy.
Several political parties including the Nationalist Congress Party and the Maharashtra Navnirma n Sena (MNS) raised questions about the arrest of Marathe and other BoM officials, ostensibly at the same time. unknowingly from the state government.
Raj Thackeray, President of MNS, asked why no action was taken against senior officials of the National Bank of Punjab. the director of the Ahmedabad District Cooperative Bank Ltd. and the chairman of the Bharatiya Janata party Amit Shah – whose SADC collected the highest number of 500 and 1000 rupee notes five days after the demonetization on 8 November 2016.
Following a Claim by Jitendra N. Mulekar, a 19-year-old investor, was arrested by EOW detectives for abusing their power to sanction huge loans to fictitious companies.
According to investigators, the top executive of the bank and other officials agreed the DSK group "with dishonest and fraudulent intentions to sanction and disburse the amount of the bank (BoM)" under the costume of loans and money was later siphoned
All arrested defendants were charged under various provisions of the Indian Penal Code and the Prevention of Corruption Act, concerning cheating, counterfeiting, criminal conspiracy and breach of trust.
DS Kulkarni and his wife Hemanti were arrested in February for misleading more than 4,000 investors over Rs 1,150 and misappropriating bank loans of nearly Rs.2,900.
Among the charges are forged documents showing loans supposedly received from other banks. India, Union Bank Of India, Syndicate Bank, IDBI Bank, Vijaya Bank and others, audit loans without following procedures or exercising due diligence.
Last month, the government of Maharashtra ordered the seizure of more than 120 properties, 275 bank accounts and four dozen proprietary vehicles and the company invoking the provisions of the Maharashtra Depositors' Interests Protection Act. , 1999.
– IANS /
qn / vd [19659002] //
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QN / Via Gmail Mobile
(This story was not edited by the staff of Standard Business and is generated automatically from a syndicated feed.)
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