Four Arrested in Connection with Rs 8.1 Crore Bank Fraud in Odisha
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Synopsis
On April 21, the Economic Offences Wing arrested four individuals involved in an Rs 8.1 crore bank fraud case in Bhubaneswar. The accused used fake documents to secure multiple loans from the State Bank of India. They are now in judicial custody following their arrest.
Key Takeaways
- Four individuals arrested in a bank fraud case.
- Fraudulent loans worth Rs 8.1 crore obtained.
- Fake employment documents were produced.
- The accused connived with borrowers to secure loans.
- Judicial custody for 14 days after arrest.
Bhubaneswar, April 21 (NationPress) The Economic Offences Wing (EOW) has apprehended four individuals involved in a bank fraud case amounting to Rs 8.1 crore, as reported by officials.
The EOW disclosed in a press release that the accused-- Smruti Ranjan Sethy and M. Dibyashree Jyoti Ranjan-- were taken into custody from the Jagatsinghpur district, while the other two suspects-- Niranjan Behera and Debasish Behera-- were apprehended in the Nayapalli area of Bhubaneswar.
The arrests were made in relation to a case initiated following the formal complaint of Shiba Sundara Sahoo, Regional Manager at the State Bank of India, Regional Business Office, Bhubaneswar, on April 7.
Sahoo alleged that the accused conspired to obtain 234 Xpress credit loans totaling Rs 8.1 crore from various branches of the State Bank of India between 2021 and 2023 using fraudulent and falsified documents.
They submitted forged employment records claiming to be employees of several organizations including Capital Trust Ltd., Corporate Infotech Pvt. Ltd., Falcon Marine Exports Ltd., G4S Secure Solutions Pvt. Ltd., Global Innovsource Solutions, Innovsource Services Pvt. Ltd., Muthoot Microfin Ltd., Narayana Hrudayalaya Ltd., and Orion Security Services Solutions Pvt. Ltd..
According to the EOW, the accused, in collusion with the borrowers, successfully secured 234 Xpress Credit loans intended for the corporate sector for 234 ineligible individuals by presenting fraudulent employment records, including salary certificates, employment details, bank statements, and KYC documents. After obtaining the loans through deceitful means, the borrowers ceased EMI payments, leading to the loan accounts being classified as NPA with an outstanding balance of Rs 4,77,96,009.
The investigation revealed that sums of Rs 19,08,385, Rs 2.42 lakh, Rs 94,000, and Rs 50,000 were transferred to the accounts of Smruti Ranjan, Dibyashree, Niranjan, and Debasish respectively from the borrowers' loan accounts.
The police stated that the accused functioned as intermediaries in the creation of the fraudulent documents for monetary gain.
During the arrests, law enforcement seized various incriminating items, including one laptop and five mobile phones.
The accused were presented before the Odisha Protection of Interests of Depositors court in Cuttack, which subsequently remanded them to 14 days of judicial custody.
