Know About Bank of Maharashtra Scam 2018 – Latest Scam India – This is the India Our loving India . where We Love to do Corruption and Scams. In Recent years We Have Seen Many Scams From Different Sectors In India .

This time we are going to tell you about a more than Rs. 2,043 crore scam done by Bank of Maharashtra. It is second time in row that such a fraud has come to surface after the Rs. 2 billion fraud done by Punjab National Bank. Let’s read more to known about the Bank of Maharashtra Scam.

Know About Bank of Maharashtra Scam 2018 - Latest Scam India

What is Bank of Maharashtra Scam 2018?

  • The Maharashtra police has arrested the CEO Ravindra Marathe and Executive Director Rajendra Gupta of Bank of Maharashtra, on the ground of misusing their position and making loans available to a developer named D. S. Kulkarni despite the latter furnishing false documentation.

Specifics of BOM Scam 2018

  • The total Bank of Maharashtra Scam is of worth Rs. 2,043.18 Crore.
  • CEO Ravindra Marathe and Executive Director, Rajendra Gupta, are among six people arrested including Former Chairman Sushil Muhnot, Managing Director of BOM, BOM Manager, CA and an employee of D.S. Kulkarni Developers Ltd.
  • Accused D.S. Kulkarni is  a well known developer who is also involved in defrauding thousands of investors across Pune, Mumbai and Kolhapur.
  • Five FIRs across various cities are lodged against the developer since 28th October 2017, with more than 3,000 investors filing cheating complaints against him.
  • The accused has floated nine different firms to illegally take away the funds collected from 33,000 investors and fixed-deposit (FD) holders.

Actions Against Bank of Maharashtra Scam Accused

  • The Economic and Offences Wing (EOW) team has arrested the entire team of BOM involved in the Bank of Maharashtra Scam.
  • The accused have been booked under sections 120 B (criminal conspiracy), 406 (criminal breach of trust), 409 (Criminal breach of trust by public servant, banker, merchant or agent), 420 (cheating), 465 (forgery) and other relevant sections of the Indian Penal Code and the Prevention of Corruption Act.

Assets attached

  • In May this year, the Maharashtra government had issued a notification directing authorities to attach 124 properties, 276 bank accounts and 46 vehicles belonging to the DSK Group on grounds of protecting the interests of the investors as Mr. Kulkarni was “unlikely to return their deposits.”
  • In April, a special court for Maharashtra Protection of Interest of Depositors (MPID) Act had rejected the regular bail applications of Mr. Kulkarni and his wife considering the magnitude of the multi-crore scam.
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