Odisha Crime Branch arrests two brothers for loan fraud

Bhubaneswar: The Economic Offences Wing (EOW) of Crime Branch has arrested two brothers on charges of siphoning off Rs 1.43 crore loan amount sanctioned by a private finance company.

The arrested persons were Shasikant Sahu and his brother Shrikant Sahu. In 2018-19, the duo had allegedly misappropriated Rs 1.43 crore after deluding Sundaram Finance Limited officials. They had recommended for 11 loans in the name of nine persons and organized the financial fraud.

Based on a complaint filed by the finance company’s territory manager V. Kishore Kumar, the EOW conducted an inquiry and arrested the two brothers from Bhadrak on Saturday. Worth mentioning, the complaint was lodged on November 18 against the duo.

Shasikant and Shrikant were presented before Balasore SDJM court and later sent to jail.

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