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Bank officials accused of irregularities

By Our Staff Reporter

NEW DELHI, AUG. 11. Five senior officials, including an executive director of the Bank of Maharashtra (BoM), and seven office-bearers of an export company have been accused of irregularities in sanctioning loans and diversion of funds for other purposes leading to a loss of about Rs. 150 crores to the public sector bank. The Central Bureau of Investigation today registered a case in this regard and conducted searches at various places in Delhi and Maharashtra.

According to the CBI, three companies, M/S Jiwani Lumbers, M/S Kansom Exports and M/S Ambica Timber Mart, were sanctioned loans to be utilised for some export venture. These loans were allegedly sanctioned by one of the Executive Directors of the BoM, A.V. Dugade, who did so in his capacity as the Deputy General Manger and then the General Manager of the Bank in Mumbai over a period of time.

Four other officials, who were allegedly involved in allowing the irregularities, have been identified as V.V. Karandikar, who was then Deputy General Manager (Mumbai region), B.K. Piparaiya, also a Deputy General Manager (presently posted as the General Manager, Delhi region), R.Y. Khade and B.T. Gawade, who were Branch Managers of the S.P. Road Branch in Mumbai at different points of time.

Seven persons from M/S Jiwani Industries who have been named in the case are Kishor S. Jiwani, Nitin S. Jiwani, Jaswant S. Jiwani, Kantaben S. Jiwani, Vinitaben J. Jiwani, Kalawati K. Jiwani and Surekha S. Jiwani.

In connection with the case, the CBI today carried out searches in at least 20 places in Mumbai, Pune and Delhi. Residential and official premises of the accused were searched throughout the day and they were likely to continue further. Several incriminating documents related the accounts of the group of firms and various documents regarding number of firms floated by the accused persons were also recovered.

The seized documents and bills are being scrutinised. Further investigations in the case are on.

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