IOB DGM held for Rs 1.08 cr fraud

The Economic Offences Wing (EOW) of Odisha Crime Branch arrested a Deputy General Manager (DGM) of Indian Overseas Bank (IOB), posted in Bengaluru, on charges of fraud.

BHUBANESWAR: The Economic Offences Wing (EOW) of Odisha Crime Branch arrested a Deputy General Manager (DGM) of Indian Overseas Bank (IOB), posted in Bengaluru, on charges of fraud.
The IOB officer, Bimadhara Swain, was earlier posted as branch manager at Rasulgarh in the city. He is accused of fraudulently sanctioning cash credit and vehicle loans amounting to `1.08 crore.

The EOW on Monday said, Swain had sanctioned `1 crore cash credit loan along with 
`8 lakh vehicle loan to one Ashutosh Mishra in 2010 by accepting fake and forged documents from him.
The then Chief Regional Manager, IOB, Bhubaneswar, S Umapathi, had lodged a complaint in this regard with the EOW. Subsequently, the agency registered a case on May 9, 2014, under Sections 420, 406, 467, 468, 471 and 120 (B) of IPC.

EOW had earlier arrested Mishra on July 21, 2014 and he was produced in a court here. “We arrested Swain from Bengaluru on October 21 and produced him in a court there. He has been brought to the State on transit remand,” EOW officers said.

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