The CBI has arrested a former Bank of Maharashtra official and the director of a Gujarat-based logistics firm in a loan fraud case.
The accused were identified as Padmakar Deshpande, the then Zonal Head (Pune city) of the Bank of Maharashtra and Rajkumar R Baid, the director of Siddhi Vinayak Logistics Ltd, Surat, the probe agency said in a release.
During 2012-14, the Bank of Maharashtra had sanctioned loans in the names of 2,802 drivers of Siddhi Vinayak Logistics under the latter's "Chalak Se Malak" (from driver to owner) scheme for purchasing trucks.
However, the loans were sanctioned without the knowledge of the individual drivers, based on forged documents and the company diverted the amount for some other purposes, the CBI said, adding it caused a loss of Rs 836.29 crore to the bank.
Deshpande allegedly processed these loans by ignoring various irregularities and violating guidelines of the bank, the probe agency said.
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