BHUBANESWAR: The Economic Offences Wing (EOW) of Crime Branch arrested a Tamil Nadu native for allegedly defrauding a bank in Bhubaneswar to the tune of Rs 5.62 crore in 2015. The accused S Kathiresan of Tiruchirappalli was nabbed by the agency from an area under Thuvakudi police limits in Tamil Nadu on August 8.
He was produced before a court there on Monday and is being brought to Odisha on transit remand. A case was registered against Kathiresan in February 2015 based on the complaint filed by KN Narasimha, the then chief manager of Corporation Bank in Bhubaneswar which was later amalgamated into Union Bank of India. The accused had been absconding since then.
The complainant alleged that Kathiresan was the managing director of Jagannatha Financial Services Limited and in 2009, he had availed a loan of Rs 5 crore in the name of organisation on the pretext of lending the amount to SHGs or joint liability groups, among others.
However, he failed to pay the installments. The account turned into a non-performing asset on November 1, 2011 with an outstanding balance of about Rs 5.62 crore. Investigation revealed that Kathiresan through Jagannatha Financial Services had disbursed the loans in the names of fake farmers and submitted false documents for the purpose, informed EOW officers.