Such a scam of Rs 3,000 crore in Bank of Maharashtra for a builder

_102151840_97000fa7-0e47-48ce-baec-7e9549deec16.jpgThere is a banking scam in front of each other in India. After PNB and ICICI, the new name is now Bank of Maharashtra. The Economic Offenses Wing of Pune Police has arrested six senior officials, including the Chairperson and Managing Director (CMD) of the bank, in this case.

On the bank’s CMD Ravindra Marathe, a company named DSK Ltd is accused of distributing a loan of Rs 3,000 crore in a non-legal manner.

Apart from Ravindra Marathe, the police has arrested Executive Director Rajendra Gupta, Zonal Manager Nitinand Deshpande and former Bank MD Sushil Manohot.

According to the information so far, the bank has given a loan of Rs 3,000 crore in the last 10 years to the builder named DS Kulkarni.

4,000 people immersed in money
DS Kulkarni is in police custody from February, 2018. They are being prosecuted for fraud in the case of 4,500 investors of 1,150 crore rupees and about 2, 9 00 crores in bank loans.
According to the Pune police official statement, officials of the bank conspired with the DSK group to “distribute bank money with dishonesty and fraud” in the name of loan and then gradually the money disappeared.

Banking expert Devidas Tuljapurkar told the BBC that the loan amount given to DS Kulkarni was on the verge of becoming NPA (Non-Performing Asset). Therefore, in order to save themselves, the bank officials issued several loans in a non-legal manner to them.

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After this Kulkarni helped partly repay the loan and the loan taken earlier did not appear for many years.

Not only that, Kulkarni has been loaned without a complete papers and necessary procedure.

Who is DS Kulkarni?
Deepak Sakharam Kulkarni is a well-known name in West Maharashtra, who makes a home for middle-class families. Among the locals, they are known to have the foundation of houses and to announce their ‘date date’. He did not give a home on a fixed date, he would also pay huge damages to the customer.
After the initial success in real estate business, he also tried out in IT and auto marketing business. Soon they started issuing fixed deposit schemes for customers. People believed in them

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Many people put their hard earned money in their schemes. But in the next two-three years, his business was disturbed by mathematics and he started failing to return the money to his investors.

Today most of his real estate projects are incomplete. At that time their fraud was also exposed. A petition filed by social worker Vijay Kushhar revealed that he has not paid any loan of Rs 2,900 crore to many banks. Between 2003 and 2012, they sold the same land ten times.

How did this fraud?
Kulkarni’s work is quite straightforward. He had registered his company named DSKL in a stock exchange. He bought a land in the name of the company on which he had to start his own housing project. In the next 10 years, they sold the same land to many other companies.

Kulkarni’s finesse was that he sold the land to those who saw the work of his other companies. The buyers of land had their own people – their wife, their son, their brother-in-law and their closest friends.
Every time the land became expensive and the amount of debt taken was increasing in the same proportion. That is, loan was taken several times in the name of the same land and in lieu of the old loan was paid.

Financial knower Vasant Kulkarni explains this – a new loan was taken to repay the old loan. It was not in the bank’s interest. Yet the bank has given loan to them repeatedly despite all the disturbances. Of course, the officers of the bank were accompanying them in this crime.

People misguided
Kulkarni, poor and middle class, made Marathi people their target. They used to show their greed of excessive returns. He made his image of a person connected with the land who has succeeded on his own.

With these ideas, he had convinced more than 4,000 investors to invest in their schemes. Some retired people have put all their deposits in their schemes. At present, Kulkarni, his wife and bank officials are in jail and the money of the investors has gone down.

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