Bank of Maharashtra shareholders stand by CEO; shares slide 2%

Of total scam amount, deposit and loan fraud is to tune of Rs 10.83 bn banking and non-financial institutions-related fraud of Rs 7.11 bn debentures fraud of Rs 1.11 bn.

The shareholders of Bank of Maharashtra (BoM), whose Managing Director (MD) & Chief Executive Officer (CEO) Ravindra Marathe and senior officers were arrested for loans to a real estate company, expressed confidence in the leadership team for working to turn around the ailing lender.

On June 20, 2018, the Economic Offences Wing of Pune police had arrested six persons in a cheating case lodged against city-based real estate developer D S Kulkarni and his wife.

The bank’s present MD & CEO, Executive Director R K Gupta, Zonal Manager Nityanand Deshpande, the bank’s former CMD Sushil Muhnot, Kulkarni’s CA Sunil Ghatpande,