Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Crime Branch today arrested a businessman here in connection with a bank fraud case and sent them to the SDJM court.
The arrested businessman has been identified as Devraj Subudhi of Khurda and a partner of city-based Vishal Polymers.
According to the EOW, the accused Devraj Subudhi along with Narayan Senapati, both partners of M/s Vishal Polymers had availed two loans—Rs 60 lakh as Cash-Credit loan and Rs 40 lakh as term loan for manufacturing and trading of polythene bags, packing materials in the year 2010 from Allahabad Bank’s Old Station Bazaar branch in Bhubaneswar.
A case was registered against the accused under sections 420/406/467/471/120-B/ of IPC on the basis of a written report the bank’s Chief Manager, Babita Sar in December 13, 2018.
The banker alleged that the duo had availed two loans – Rs 60 lakh as Cash Credit and Rs 40 lakh as term loan – for manufacturing and trading of polythene bags and packing material in the name of the firm by submitting forged fabricated documents.
At the time of availing loan, he had given mortgage of his landed properties located at Banapur and Raghunathpur inthe district. Subsequently, they didn’t repay the loan amount and the loans turned into Non-Performing Asset (NPA) having an outstanding amount of Rs 1, 45 ,79, 245 crore as on December 17, 2014. Investigation further revealed that landed property in Banapur area was sold by Devraj Subudhi prior to giving mortgage with the bank. Similarly, a fake RoR was was prepared by the accused in his name for the property located in Raghunathpur, the EOW said.
The accused had deliberately with dishonest intention had availed the loan by mortgaging the aforementioned properties as sureties to obtain loans, it claimed.
The principal accused in the case, Narayan Senapati was earlier arrested in December 18, 2018. Further investigation into the matter is in progress.