STOCK MARKET BSE NSE

Bank officer, trader held for Rs 2.5 crore cash credit scam in Bhubaneswar

This caused huge loss to the bank and the Government exchequer. The loan outstanding amount at present remains at Rs  2.67 crore, EOW sources said.

Published: 16th September 2020 09:53 AM  |   Last Updated: 16th September 2020 09:53 AM   |  A+A-

Fraud

For representational purposes

By Express News Service

BHUBANESWAR: The Economic Offences Wing (EOW) of Crime Branch on Tuesday arrested two persons, including a senior manager of Punjab National Bank (PNB), in connection with a cash credit (CC) scam worth Rs  2.5 crore. 

Acting on a complaint filed by PNB Bhubaneswar Circle head Paresh Kumar Das, the EOW arrested senior manager-cum-assessment officer Srikanta Prasad Prusty and proprietor of KP Solutions Kali Prasad Mishra. The accused have been booked under Sections 406, 420, 467, 468, 471, and 120(B) of IPC. 

EOW sources said Mishra, who deals with wholesale and retail trading of tiles, sanitary items and electronic goods, allegedly took the help of Prusty to avail Rs  2.5 crore loan in a fraudulent manner. 

The senior manager of the bank in Bapuji Nagar allegedly recommended sanction of the loan to Mishra by accepting the forged documents.

“Mishra had availed the loan in 2017 by mortgaging the property of three guarantors, who during the inquiry denied to have signed the documents and kept the properties as mortgage for the loan,” an EOW official said and added that one of the guarantors had died three years before the loan was sanctioned. 

The EOW investigation also revealed that Mishra used fake KYC documents, including electricity bills and voter IDs of the three guarantors, to keep their properties at Madhupatna, Cuttack as a mortgage for the loan. 

This caused huge loss to the bank and the Government exchequer. The loan outstanding amount at present remains at Rs  2.67 crore, EOW sources said.

More from Bhubaneswar.

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp