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Bank of Maharashtra MD gets bail from Pune court

Special MPID judge S N Sardesai released Ravindra Marathe today afternoon on a surety of Rs 50,000

pune Updated: Jun 28, 2018 11:31 IST
Nadeem Inamdar
Nadeem Inamdar
Hindustan Times, Pune
BoM; BoM MD,Marathe,DSK
Ravindra Marathe, MD and CEO, Bank of Maharashtra.(HT Photo)

Pune SN Sardesai, special judge for Maharashtra Protection of Interest of Depositors (MPID) Act, on Wednesday granted bail to Bank of Maharashtra (BoM) managing director Ravindra Marathe for a surety of Rs 50,000. The order was issued in the afternoon session after defence counsel Harshal Nimbalkar and special public prosecutor Pravin Chavan made their submissions before the court. Marathe is undergoing medical treatment at a private hospital following his transfer to judicial custody on June 23 till July 4.

Marathe was arrested last week by the Economic offences wing (EOW) along with other officials in connection with the alleged Rs 2,043 crore DSK investor fraud scam.

Investigating officer (EOW and cyber crime) Nilesh More also submitted relevant documents sought by the court to complete the bail formalities. Besides Marathe, the other five accused — Sushil Muhnoot, former chairman and MD; Rajendra Gupta, executive director; the bank’s zonal manager, Nityanand Deshpande; Sunil Ghatpande, DSK Developers Limited’s (DSKDL) chartered accountant, and Rajiv Newaskar, chief engineer of the company have been sent to judicial custody till July 11.

The arguments by the defence and prosecution were completed on June 25 after which judge Sardesai reserved the bail plea order for Tuesday. However, the bail application could not be decided as the judge did not attend the court for personal reasons paving way for the application to be heard on Wednesday.

All the accused have been booked by the Shivajinagar police station under Sections 120 (B) (conspiracy), 406 (criminal breach of trust), 420 (cheating), and other sections of the Indian Penal Code (IPC). Besides, they have also been booked under Sections 3 and 4 of the MPID Act, 1999.

Marathe’s arrest had sparked a row with BoM employees and Indian Bank Association (IBA) accusing the Pune police of high handedness and overreach. However, special public prosecutor Pravin Chavan has maintained that the arrest of senior bank officials had been in line with the directions of the Supreme Court. DSK fraud victims and right to information (RTI) activist Vijay Kumbhar have said that the arrest will bring greater transparency and accountability in the banking sector and demanded the investigation net be widened to nail all those who are involved in the alleged economic fraud.

First Published: Jun 27, 2018 16:11 IST