ODISHA: The Economic Offences Wing (EOW) of Odisha Crime Branch has arrested a deputy general manager (DGM) of Indian Overseas Bank (IOB) in Bengaluru on charges of Rs 1.08 crore fraud.
The IOB officer, Bimadhara Swain, earlier posted in Bhubaneswar, was accused of fraudulently sanctioning cash credit and vehicle loans amounting to Rs 1.08 crore.
At present, he is posted in the IOB’s Regional Office in Bengaluru.
The EOW on Monday said Swain had sanctioned Rs 1 crore cash credit loan along with Rs 8 lakh vehicle loan to one Ashutosh Mishra in 2010 by accepting fake and forged documents from him.
The then chief regional manager of 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.
Following the complaint, EOW arrested Mishra on July 21, 2014.
“We arrested Swain from Bengaluru on October 21. He was produced before a court there and was brought to the state on transit remand,” an EOW spokesperson said.