Bank-of-Maharashtra

Naveen Uraon

THE Central Bureau of Investigation (CBI) has registered a case under sections 120-B of Indian Penal Code (IPC) r/w 409 of IPC and Sec.13(2) r/w 13(1)(d) of P.C Act, 1988 on the basis of complaint received from Bank of Maharashtra, Aurangabad Zone against then Assistant General Manager (AGM) of Bank of Maharashtra, Zonal office Aurangabad; 14 persons including proprietors/partners of Aurangabad based private firms and two panel valuers of said Bank for causing an alleged loss of approximately Rs. 42.38 crores.

According to CBI spokesperson, it was alleged that then Assistant General Manager, Bank of Maharashtra, Aurangabad Zone during the period 2012-2013 had entered into Criminal Conspiracy with other accused persons and sanctioned Credit facilities amounting to Rs.5 Crores each to the borrowers under the Loan Against Property Scheme of Bank of Maharashtra by taking on record false valuation reports of the mortgaged property wherein their values were highly inflated by the Panel valuers. The borrowers misutilized the funds and did not repay the funds. An alleged loss of Rs.42.38 Crores (approx) was caused to the Bank of Maharashtra.

Searches have been conducted at 31 premises of the accused persons at Aurangabad and one premise at Nashik.

The other case has been registered U/s 120-B of IPC r/w 409 of IPC and Sec.13(2) r/w 13(1)(d) of P.C Act, 1988 on the basis of complaint received from Bank of Maharashtra, Aurangabad Zone against then Assistant General Manager, Zonal office, Aurangabad; four proprietor/proprietress/partners of Aurangbad based private firms and a panel valuer of said Bank for causing an alleged loss of Rs. 13.55 crores (approximately).

It was alleged that then AGM, Bank of Maharashtra, Aurangabad Zone during the period 2012-2013 had entered into Criminal Conspiracy with the other accused persons and sanctioned Credit facilities amounting to Rs.5 Crores (approx) each to their private firms under the Loan Against Property Scheme of Bank of Maharashtra by taking on record false valuation reports of the mortgaged property wherein their values were highly inflated by the Panel valuers. The borrowers allegedly misutilized the funds and did not repay the funds. An alleged loss of Rs.13.55 Crores (approx) was caused to Bank of Maharashtra. Searches have been conducted at 3 premises in Aurangabad; 4 premises in Parbhani; one each in Beed & Nanded at the premises of accused persons.

During the searches in both cases, incriminating documents and hard disk of computers have been recovered. Further investigation is continuing.

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