DSK case: Investors protest at BoM Pune office, demand action against bank’s top executive

According to a bank statement, the officials explained to protestors that the bank’s lending to DS Kulkarni Developers Ltd has no relation with the default of the group companies to their small depositors.

PUNE Investors, some of whom are complainant in DS Kulkarni financial fraud case, on Monday held protest in front of Bank of Maharashtra’s (BoM) Shivajinagar office demanding action against the bank’s top executive.The protestors alleged that the bank was to be blamed for the financial scam. Last week, Pune police had given a clean chit to Ravindra Marathe, BoM managing director, who along with others were booked for allegedly colluding with city-based real estate developer DS Kulkarni to divert money.

Investors, some of whom are complainant in DS Kulkarni financial fraud case, on Monday held protest in front of Bank of Maharashtra’s (BoM) Shivajinagar office demanding action against the bank’s top executive. (HT PHOTO)

A statement released by the bank said: “On Monday, a group of people who had invested their savings with DSK group of companies assembled before the bank’s headquarters and tried to put the blame on the bank for the losses they suffered from DSK group of companies. A few representatives of these depositors also met the bank officials to share their grievance.”

According to the statement, the bank officials explained to protestors that the bank’s lending to DS Kulkarni Developers Ltd (DSKDL) has no relation with the default of the group companies to their small depositors. In fact, the bank has also suffered losses as a creditor to the company and has initiated recovery action.

The arguments raised by the depositors for blaming the bank for their losses are already considered by the investigating agency and the matter is dealt with by the Maharashtra protection of interest of depositors (MPID) court. The depositors, thereafter, left the premises, the statement said.

On Saturday, Pune police had filed a closure report in the local court seeking discharge of three BoM officials including Marathe; Rajendra Gupta, the bank’s executive director; and Sushil Munhot, former chief managing director (CMD). The police stated that there was no criminal intent on part of these officials while disbursing loan to DSK.