SBI Phulbani Branch’s Deputy Manager arrested over Rs 8 crore loan fraud

Bhubaneswar: The Economic Offences Wing (EOW) of the Odisha Crime Branch has arrested Asutosh Acharya, deputy manager of State Bank of India’s Phulbani Branch, over his alleged involvement in a loan fraud of more than Rs 8 crore.

He has been apprehended under Sections 409, 420, 467, 468, 471 and 120B of the IPC, and Section 66 (C) of the IT Act. He will be produced before the Court of SDJM, Phulbani.

According to official sources, the case against Acharya was registered on the basis of a complaint filed by the Regional Manager of the SBI, RBO, Phulbani. He is accused of illegally recommending and processing 59 Xpress Credit Loans, meant for salaried individuals, and 26 Pension Loans, meant for pensioners, to non-salaried individuals and non-pensioners. It is alleged that he then transferred the loan amount of Rs 8,01,87,000 to accounts belonging to his family members and relatives.

The fraudulent activity is believed to have taken place between September 2021 and September 2022, during which Acharya used his position as Dy. Manager-cum-Field Officer to process the loans using forged documents, including salary slips. The loan amounts were sanctioned without the knowledge of the borrowers and were subsequently diverted to various accounts, including those belonging to Acharya’s family members and relatives.

The accused is said to have misappropriated the loan amount for personal gain, with the intention of investing it in other profitable ventures. Acharya reportedly facilitated the sanctioning of loans in the names of ineligible persons without the borrower’s knowledge. The investigation into the case is ongoing.

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