A Pune court on Wednesday granted bail to Bank of Maharashtra Chief Executive Officer Ravindra Marathe, a week after he was arrested in connection with the sanctioning of a loan to a realty developer, ANI reported. Marathe was granted bail against a surety amount of Rs 50,000.
On June 20, the Economic Offences Wing of the Pune Police had arrested six people, including Marathe in connection with the case. The bank’s Executive Director Rajendra Gupta, former Chairman and Managing Director Sushil Muhnot, and Zonal Manager Nityanand Deshpande, were also arrested.
In May, the Pune Police had filed a 37,000-page chargesheet against real estate developer DS Kulkarni and his wife. They were accused of floating nine different firms to collect funds from 33,000 investors and fixed-deposit holders. The Kulkarnis were arrested from Delhi in February.
“As part of our probe into the cheating case against Kulkarni, it came to light that these bank officials colluded with DS Kulkarni Developers Ltd by misusing their powers and authority with dishonest and fraudulent intention to sanction and disburse the amount under the garb of a loan,” said Sudhir Hiremath, deputy commissioner of police (Cyber and Economic Offences).
The accused were booked under relevant sections of the Indian Penal Code and the Prevention of Corruption Act, the police said.
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