Nagpur’s Crime Branch has arrested two individuals, including the Managing Director of Pusad Urban Cooperative Bank, in connection with the suicide of government contractor Penamacha Venkateshwara Verma (61), a resident of Raj Nagar.
The arrested accused have been identified as Sharad Maind, Managing Director of Pusad Urban Cooperative Bank and a resident of Yavatmal’s Pusad, and Manjit Wade, a notorious local figure. Police have also booked Bank Director Bharti Maind along with other associates for their alleged role in the case.
Loan Pressure and Harassment
According to investigators, Verma owned a construction firm, Sai Associates, with its office in Pratap Nagar. In 2012, he took a loan of ₹6 crore from Pusad Urban Cooperative Bank. Over time, delayed installments caused a large accumulation of interest.
Gold Rate
19 Sept 2025
Police said that to manage repayments, Sharad Maind, Bharti Maind and others pressured Verma into taking another loan by mortgaging his property. Even then, defaults continued and the bank allegedly imposed compound interest.
Struggling under debt, Verma borrowed additional amounts in the names of his servant and driver to keep up with dues. Later, he sought money from Manjit Wade, who allegedly confined him in his house and issued threats when repayments were delayed.
Suicide and Investigation
On September 1, 2025, Verma reportedly died by suicide, hanging himself at his residence. Initially, the police registered the incident as an accidental death. However, mounting evidence of harassment led to the case being transferred to the Crime Branch.
Under the supervision of DCP (Detection) Rahul Maknikar, the Crime Branch conducted a probe and booked the accused under Sections 31 and 45 of the Maharashtra Money Laundering Act.
Following the investigation, police arrested Sharad Maind and Manjit Wade. The roles of other bank officials and associates are currently under scrutiny.
