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CBI raids Bank of Maharashtra premises news
Our Banking Bureau
13 August 2004

Mumbai: The anti-corruption branch of the CBI yesterday conducted searches at 20 premises connected with the Bank of Maharashtra and houses of its officials. The CBI filed a case against A.V. Dugade, executive director of the bank and other officials for having caused an undue loss of Rs 14 crore to the bank. The raids covered 16 premises in Mumbai, two in Pune and two in Delhi.

Former DyGM of the bank, V.V. Karandikar was arrested by state excise officials later in the day. Expensive liquor worth almost Rs two lakh had been found during the CBI raid on Karandikar's house. The CBI's case is that Dugade and the other officers connived to extend advances to the Jivani group of companies for ostensible purposes of export business. The money had however, been diverted. Despite that, the bank''s officials continued to give further advances, causing the loss.

Other officials named are DGM, B.K. Piparalya, and two former branch managers - R.Y. Khade and B.T. Gawade, both, of the S.P. Road branch.

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CBI raids Bank of Maharashtra premises