BHUBANESWAR: The Economic Offences Wing (EOW) of Crime Branch on Tuesday seized the movable property of a fraudster who was arrested in October for allegedly impersonating as an SBI official and duping land buyers of over Rs 20 crore.
EOW officials said the accused Rama Narayan Bal of Bhadrak district worked as a sales manager with SBI Capital Markets limited from 2023 to 2024.
After quitting his job, he started impersonating as an SBI official and cheated at least nine persons of over Rs 20 crore on the promise of providing them immovable property to be auctioned by the bank.
He collected money from the gullible buyers by claiming that the bank was auctioning the mortgaged property of the loan defaulters, said EOW.
Investigation revealed Bal purchased several vehicles through the crime proceeds. He had also purchased expensive mobile phones, sound and photography equipment for his mobile shop, disc jockey and imaging businesses.
“Three cars including an Audi A4 and a Mahindra Thar Roxx, as many motorcycles, 144 mobile phones, four DJ vehicles and photography equipment were seized during raids at Bal’s property,” said an EOW official.