Odisha: Businessman’s house confiscated in loan default case

Bhubaneswar: The house of a businessman in Odisha’s Balangir district has been confiscated in a loan default case.

The authorities of Union Bank of India confiscated the house of businessman Adarsh Agrawal at Kantabanji in Balangir in the presence of local Tehsildar and Executive Magistrate Amrutlal Behera, police IIC Rashmita Behera and officials of the enforcement team.

Adarsha is the brother of senior Odisha-cadre IAS officer Arbind Agrawal, sources said.

Adarsh had raised Rs 9 crore as loan from the Union Bank of India Titlagarh branch in 2021 to set up a cotton mill in the district. However, he could not repay the loan amount, sources added.

Later, the businessman sold his cotton mill at Kapani village under Belpada block and deposited Rs 4 crore in the bank. However, he did not repay the balance amount despite repeated reminders in this regard.

The authorities of the bank confiscated the businessman’s house after serving a notice in this regard on him.

“We will also confiscate a plot of the businessman in the loan default case,” said Jyotiprabha Sabar, a bank official.