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IBA concerned over arrests of bank executives

The Indian Banks’ Association (IBA) has viewed with seriousness the charge sheets and arrests of bankers by investigative agencies. It has convened an emergency meeting in Mumbai to discuss the alleged high-handedness of these investigative agencies and to tell the government its concerns. V.G. Kannan, chief executive of IBA, said the organization has already taken up the matter with the department of financial services in Delhi and the Maharashtra government. However, both these entities claim ignorance about why these arrests happened and have promised all cooperation, he added. The Economic Offences Wing (EOW) of the Pune Police had arrested Bank of Maharashtra MD and CEO Ravindra Marathe, former chairman and managing director Sushil Muhnot, executive director Rajendra Gupta and two other bank officials for allegedly colluding with real estate developer DS Kulkarni to divert money and cheat shareholders.

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