Bhubaneswar: A 43-year-old man of Bagha Ragodi village under Konark police limits in Puri district was arrested by the Economic Offences Wing (EOW) of Odisha Crime Branch today in connection with a bank loan fraud amounting over Rs 2 crore.
The accused identified as Bijaya Pradhan was later produced before Bhubaneswar SDJM Court here.
As per a complaint lodged by Odisha Gramya Bank, Pipili branch Regional Manager Debadutta Nanda, Pradhan along with his relatives associate had availed loans to the tune of Rs 2.02 crore to purchase vehicles by submitting forged documents. The accused misappropriated the loan money by not purchasing any vehicle after taking loan from the bank in connivance with Prasanna Jena, the then Manager of Odisha Gramya Bank, Rasulgarh branch.
During investigation, it was revealed that Pradhan along with his brother Bikram and sister-in-law Rajalaxmi and her brother Madan Mohan Jena hatched a conspiracy with the Branch Manager to avail separate vehicle loans to the tune of Rs 2,02,70,000 from the bank. All of them had submitted forged documents like RC book and insurance papers and later misappropriated the loan money.
Earlier in November, 2018, four accused, including the former Manager of Odisha Gramya Bank, Rasulgarh branch were arrested in this connection.