Odisha businessman held for defrauding IDBI bank to tune of Rs 4.8 cr

Bhubaneswar: The Economic Offences Wing (EOW) of Crime Branch arrested a businessman in Bhubaneswar for his alleged involvement in defrauding IDBI Bank, Janpath branch here. The accused was forwarded to the SDJM, Bhubaneswar court today.

A case has been registered against Naredra Kumar Sahu, the Proprietor of M/s R.K. Timber, Bhubaneswar dated 26.08.2020 under section 406/420/409/467/ 468/ 471/120B IPC.

As per a written complaint filed by Asit Kumar Parhi, Senior Regional Head of IDBI Bank, Janpath, Sahu availed loan in a fraudulent manner and caused wrongful loss to the bank to the tune of Rs. 4.8 crore.

An official of EOW said investigation revealed Sahu was sanctioned in 2009 with a cash credit loan of Rs 80 lakh from IDBI Bank Ltd, Janpath against mortgage of six plots located in Kantabada mouza under Chandaka police station.

The official stated, however, the accused knowingly did not make any repayment after availing the loan.

“As on registration of the case, the loan was outstanding to the tune of about Rs 4.8 crore including interest. It has also been transpired that while the properties were in mortgage, the accused borrower during the year 2011-12 in criminal conspiracy with others had sold two plots to six different persons by executing registered sale deeds without the knowledge of bank,” the EOW said in a statement.

It has also been ascertained that the rest four mortgaged plots though were submerged in Jhumka Dam, Bhubaneswar, the accused borrower managed to mortgage those by misguiding the IDBI bank, causing wrongful loss to the tune of more than Rs 4 crore to the public sector bank, the EOW stated.