Pune Sessions Court on Wednesday granted bail to Chairman and Managing Director of Bank of Maharashtra, Ravindra Marathe with surety amount of Rs 50,000.
He was arrested by Pune Police on June 20 in connection with the wrong disbursement and sanctioning of loan to a Pune based builder DS Kulkarni.
Chief Managing Director of Bank of Maharashtra (BoM), Ravindra Marathe, Executive Director BoM, Rajendra Gupta, Zonal Manager BoM, Nityanand Deshpande and ex-Chief Managing Director Sushil Muhnoot were amongst the arrested.
As per the sources, the accused officials allegedly conspired with Kulkarni's company, D.S Kulkarni Developers (DSKDL), and had been siphoning money under the garb of a loan.
Chartered Accountant of DSKDL, Sunil Ghatpande and Rajiv Newaskar, vice president of the Engineering Department of the DSKDL were also been arrested.
The accused had been sent to police custody till June 27.