Bank Of Maharashtra Chairman Arrested in Rs. 3,000 Crore Fake Loans Case

Agencies
June 20, 2018

Pune, Jun 20: In a sudden development, the Economic Offences Wing (EOW) here arrested Ravindra P. Marathe, the Chairman and Managing Director of Bank of Maharashtra, in a case of Rs. 3,000 crore fraudulent loans extended to Pune's DSK Group, an official said here on Wednesday. The EOW has also arrested the bank's Executive Director Rajendra K. Gupta, Zonal Manager Nityanand Deshpande from Ahmedabad and former CMD Sushil Muhnot from Jaipur.

The 83-year-old Pune-headquartered Bank of Maharashtra is ranked among the major public sector banks in India.

Two officials of the DS Kulkarni Group, chartered accountant Sunil Ghatpande and VP Engineering Rajiv Newaskar, have also been arrested in the same case, the police said.

Marathe has been arrested for allegedly misusing his powers to sanction huge amounts of loans to shell companies.

According to the investigators, the bank executive and officials colluded with the DSK Group "with dishonest and fraudulent intentions to sanction and disburse the amount of the bank (BoM)" under the garb of loans and the money was later siphoned off.

All the arrested accused have been charged under various provisions of the Prevention of Corruption Act and other laws pertaining to cheating, forgery, criminal conspiracy and breach of trust.

The Pune-based mega group's owners D.S. Kulkarni and his wife Hemanti were arrested in February on charges of cheating over 4,000 investors of over Rs. 1,150 crore and diverting bank loans of nearly Rs. 2,900 crore.

As a follow-up in the case, last month, the Maharashtra government had ordered attachment of more than 120 properties, 275 bank accounts and four dozen vehicles belonging to the owners and the company invoking the provisions of Maharashtra Protection of Interests of Depositors Act, 1999.

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News Network
December 24,2025

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New Delhi: Two new airlines - Al Hind Air and FlyExpress - are set to take to the skies, with the carriers receiving their no objection certificates from the Civil Aviation Ministry.

In 2026, apart from these two carriers, Uttar Pradesh-based Shankh Air, which already has a No Objection Certificate (NOC), is likely to start operations.

Al Hind Air is being promoted by Kerala-based alhind Group.

The ministry is keen to have more airline operators in the country, which is one of the world's fastest growing domestic civil aviation markets.

Currently, there are nine operational scheduled domestic carriers in the country. Fly Big, a regional airline, suspended scheduled flights in October.

IndiGo and Air India Group - Air India and Air India Express - together have over 90 per cent of the domestic market share.

Concerns about apparent duopoly in the fast-growing domestic airlines' industry got amplified this month in the wake of the massive operational disruptions at IndiGo, which has a market share of more than 65 per cent.

"Over the last one week, pleased to have met teams from new airlines aspiring to take wings in Indian skies- Shankh Air, Al Hind Air and FlyExpress. While Shankh Air has already got the NOC from the Ministry, Al Hind Air and FlyExpress have received their NOCs this week," Civil Aviation Minister K Rammohan Naidu said in a post on X on Tuesday.

According to him, it has been the endeavour of the ministry to encourage more airlines in Indian aviation which is amongst the fastest growing aviation markets.

Schemes like UDAN, have enabled smaller carriers Star Air, India One Air and Fly91 to play an important role in the regional connectivity within the country and there is more scope for further growth, he added.

Apart from Air India, Air India Express, IndiGo and state-owned Alliance Air, other scheduled carriers are Akasa Air, SpiceJet, Star Air, Fly91 and IndiaOne Air, as per latest data from the Directorate General of Civil Aviation (DGCA).

In the past years, many airlines, including Go First and Jet Airways, stopped flying amid debt woes.

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News Network
December 22,2025

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Kolkata: Stressing that India is a "Hindu nation," Rashtriya Swayamsevak Sangh (RSS) Chief Mohan Bhagwat on Sunday said that no constitutional approval is needed as it is the "truth".

Addressing an event marking 100 years of the RSS, Bhagwat said that India is, and will remain, a Hindu nation until Indian culture is appreciated in the country.

"The Sun rises in the east; we don't know since when this has been happening. So, do we need constitutional approval for that, too? Hindustan is a Hindu nation. Whoever considers India their motherland appreciates Indian culture, as long as there is even one person alive on the land of Hindustan who believes in and cherishes the glory of Indian ancestors, India is a Hindu nation. This is the ideology of the Sangh," he said at the '100 Vyakhyan Mala' program of RSS in Kolkata.

"If Parliament ever decides to amend the Constitution and add that word, whether they do it or not, it's fine. We don't care about that word because we are Hindus, and our nation is a Hindu nation. That is the truth. The caste system based on birth is not the hallmark of Hindutva," he added.

RSS has always argued that India is a "Hindu Nation," given the culture and majority's affiliations to Hinduism. However, 'secular' was not originally part of the Preamble of the Constitution, but it was added along with the word 'socialist' by the Constitution (42nd Amendment) Act, 1976, during the Emergency imposed by then Prime Minister Indira Gandhi.

Bhagwat also urged people to visit the organisation's offices and 'shakhas' to understand its work, so that what he dubbed as the “false perception” of the organisation as anti-Muslim can be dispelled!

Bhagwat said that people have understood that the organisation advocates for the protection of Hindus, and are "staunch nationalists," but not anti-muslim.

"If there is a perception that we are anti-Muslim, then, as I said, the RSS work is transparent. You can come anytime and see for yourself, and if you see anything like that happening, then you keep your views, and if you don't see it, then you change your views. There is a lot to understand (about RSS), but if you don't want to understand, then no one can change your mind," Bhagwat said.

He said, but anyone unwilling to learn cannot be helped.

"After seeing, people have said that you are staunch nationalists. You organise Hindus, and you advocate for the protection of Hindus. But you are not anti-Muslim. Many people have accepted this, and those who want to know more should come and see the RSS for themselves," he said.

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News Network
December 16,2025

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Prime Minister Narendra Modi on Monday held talks with Jordan’s King Abdullah II in Amman, during which the two leaders discussed ways to further strengthen bilateral relations, with the Prime Minister outlining an eight-point vision covering key areas of cooperation.

Describing the meeting as “productive”, PM Modi said he shared a roadmap focused on trade and economy, fertilisers and agriculture, information technology, healthcare, infrastructure, critical and strategic minerals, civil nuclear cooperation, and people-to-people ties.

In a post on social media platform X, the Prime Minister praised King Abdullah II’s personal commitment to advancing India–Jordan relations, particularly as both countries mark the 75th anniversary of the establishment of diplomatic ties this year.

“Held productive discussions with His Majesty King Abdullah II in Amman. His personal commitment towards vibrant India-Jordan relations is noteworthy. This year, we are celebrating the 75th anniversary of our bilateral diplomatic relations,” PM Modi said.

The meeting took place at the Al Husseiniya Palace, where the two leaders also exchanged views on regional and global issues of mutual interest. According to the Ministry of External Affairs (MEA), both sides agreed to further deepen cooperation in areas including trade and investment, defence and security, counter-terrorism and de-radicalisation, fertilisers and agriculture, infrastructure, renewable energy, tourism, and heritage.

The MEA said both leaders reaffirmed their united stand against terrorism.

PM Modi arrived in Amman earlier on Monday and was received by Jordanian Prime Minister Jafar Hassan, who accorded him a formal welcome. Following the talks, King Abdullah II hosted a banquet dinner in honour of the Prime Minister, reflecting the warmth of bilateral ties.

Jordan is the first leg of PM Modi’s three-nation tour. From Amman, the Prime Minister will travel to Ethiopia at the invitation of Prime Minister Abiy Ahmed Ali, marking his first official visit to the African nation. The tour will conclude with a visit to Oman.

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