CBI books Bank of Maharashtra officials in fraud case

Pune : The Central Bureau of Investigation (CBI) has registered four different cases on the allegations of Bank fraud, wherein Loans Against Property (LAP) were obtained during 2012 and 2013 in the name of different companies, from Bank of Maharashtra. The amounts sanctioned were allegedly diverted by the private parties for a purpose other than the one for which the same were sanctioned and their accounts became NPA(Non Performing Assets).

The First case was registered against then Assistant General Manager & Branch Head of Bank of Maharashtra, Karve Road branch, Pune and then Director of Baramati (Maharashtra) based private firm. It was alleged that then Director of said Baramati based private firm entered into a criminal conspiracy with then Assistant General Manager & Branch Head of Bank of Maharashtra, Karve Road branch, Pune and availed loan amount of Rs.4.45 crores(approx) in December 2012 for trading & services, under the Loan Against Property (LAP) scheme of the Bank of Maharashtra on the basis of ineligible mortgaged properties. The borrower did not pay back the loan and the account became NPA, thereby causing an alleged loss of Rs.5.16 crores(approx), including the interest due thereon to the Bank of Maharashtra. The loan amount was allegedly diverted by said private firm towards commercial real estates, for a purpose other than the one for which the same was sanctioned.

The Second case was registered against then Assistant General Manager & Branch Head of Bank of Maharashtra, Karve Road branch, Pune and then Director of another private firm based at Baramati. It was alleged that the said Director of private firm entered into criminal conspiracy with then Assistant General Manager & Branch Head of Bank of Maharashtra, Karve Road branch, Pune and availed loan amount of Rs.5.00 crores(approx) in December 2012 for trading & services, under the Loan Against Property (LAP) scheme of the Bank of Maharashtra on the basis of ineligible mortgaged properties. The borrower did not pay back the loan and the account became NPA, thereby causing an alleged loss of approx. Rs.5.80 crores(approx), including the interest due thereon to the Bank. The loan amount was allegedly diverted by the said firm towards commercial real estates, for a purpose other than the one for which the same was sanctioned.

The Third case was registered against then Assistant General Manager & Branch Head of Bank of Maharashtra, Model Colony branch, Pune and then Proprietor of Baramati based private firm. It was alleged that the said Proprietor entered into criminal conspiracy with then Assistant General Manager & Branch Head of Bank of Maharashtra, Model Colony branch, Pune and availed loan amount of Rs.5 crores(approx) in February 2013 for trading & services, under the Loan Against Property (LAP) scheme of the Bank of Maharashtra on the basis of exaggerated valuation of the mortgaged properties. The borrower did not pay back substantial loan amount and the account became NPA, thereby causing an alleged loss of Rs.4.59 crores(approx) including the interest due thereon to the Bank. The loan amount was allegedly diverted by said private firm to its sister / associate concerns, for the purpose other than the one for which the same was sanctioned.

The Fourth case was registered against then Assistant General Manager & Branch Head of Bank of Maharashtra, Model Colony branch, Pune and then Proprietor of Baramati based private firm. It was alleged that then Proprietor entered into criminal conspiracy with then AGM and availed loan amount of Rs.4.52 crores(approx) in February 2013 for trading & services, under the Loan Against Property (LAP) scheme of the Bank of Maharashtra on the basis of highly exaggerated valuation of the mortgaged properties. The borrower did not pay back the loan and the account became NPA, thereby causing an alleged loss of Rs.5.36 crores(approx), including the interest due thereon.The loan amount was allegedly diverted by said firm to its sister / associate concerns, for the purpose other than the one for which the same was sanctioned.

Searches were conducted today at the official & residential premises of the accused in Pune & Baramati which led to recovery of incriminating documents relating to case. Various movable & immovable assets, including two flats, 3 vehicles and certain bank accounts/investment were also recovered from the premises of then AGM, Bank of Maharashtra, Model Colony Branch, Pune.