Mumbai, June 20: Bank of Maharashtra (BoW), CEO & MD Ravindra Marathe along with executive director RK Gupta have been arrested in the Rs 3,000 crore DSK Group loan default case. Marathe was arrested for allegedly misusing his power in sanctioning loans to shell companies.

According to a statement issued by Pune EoW, "Bank officers colluded with DSK Developers Ltd by misusing their power & authority with dishonest and fraudulent intention to sanction & disburse the amount of bank under the garb of loan which was siphoned off."

Reportedly, BoM Executive Director Rajendra Gupta, DSK chartered accountant Sunil Ghatpande and DSK VP Engineering Department Rajiv Newaskar were arrested from Pune while ex-CMD Sushil Muhnoot was arrested from Jaipur. The bank’s Zonal Manager Nityanand Deshpande was arrested from Ahmedabad, the police said in a statement. All the persons arrested have been booked for cheating, forgery, criminal conspiracy, criminal breach of trust among others.

(The above story first appeared on LatestLY on Jun 20, 2018 03:24 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).