The arrested individual was identified as Alankar Khare, who was brought before a local court which took him into custody for two days.
Lonavala City Police filed a First Information Report (FIR) against several Kotak Mahindra Bank officials including Valy Fernandes, Samprat Kamat, Amber Darbari, Pramod Krupal, Alankar Khare and Abhijeet Magar.
Chief executive Uday Kotak has also been named in the hotelier’s FIR, but Pune (rural) police superintendent Abhinav Deshmukh told ET that Kotak has so far not been asked to join. the investigation and that the police did not feel the need to reach out to him.
Kotak Mahindra Bank has denied all allegations.
“A borrower from our Lonavala branch filed an FIR naming Kotak Mahindra Bank officials at Lonavala Police Station in which he made false allegations in connection with his borrowing transactions. The bank acted in accordance with applicable law and procedures at all times. We are cooperating with local authorities,” a bank spokesperson said.