BHUBANESWAR: The Economic Offences Wing (EOW) of Crime Branch on Monday arrested a former manager of Union Bank of India for allegedly misappropriating Rs 2.12 crore by sanctioning fake gold loans.
The accused Satyabrata Bhoi was posted as manager of the bank’s Joda branch in Keonjhar under Balasore region since September, 2022. He was suspended few months back after the fraud came to light.
Regional head of Union Bank of India’s regional office in Balasore, Asutosh Susil, had lodged a complaint in this regard with the EOW following which a case was registered on August 21 this year.
As per Susil, Bhoi in connivance with some other bank employees allegedly sanctioned and disbursed 100 gold loans amounting to over rs 2 crore fraudulently against spurious/fake gold ornaments and without any proper documentation. He and his associates misappropriated the loan amount, causing wrongful loss to the bank, the complainant stated.