BHUBANESWAR: The Economic Offences Wing (EOW) of Crime Branch has arrested a man for allegedly availing loan of Rs 1.42 crore from ICICI Bank here by mortgaging fake land documents.
The accused Mihir Kumar Paikaray was apprehended from the capital city on Wednesday and produced in a court in Cuttack on Thursday. The agency registered a case against Paikaray on July 24 after ICICI Bank financial crime prevention group regional head Sushant Nayak lodged a complaint alleging that Paikaray fraudulently availed a loan of Rs 1.42 crore from their main branch in Bhubaneswar by mortgaging his property through fake/fabricated land documents.
As per the complainant, after the amount was disbursed in Paikaray’s favour, he defaulted on paying the monthly EMIs too, resulting in the loan account being classified as a non-performing asset (NPA).
Investigation revealed that prior to availing the amount from ICICI, the accused had obtained another loan of `30 lakh from Bank of Baroda by mortgaging the same property with original sale deed. However, Bank of Baroda auctioned the accused’s mortgaged property under SARFAESI Act as he failed to repay the loan.
As per the records obtained from the sub-registrar’s office in Bhubaneswar, it was found that the sale deed submitted by him to avail the loan from ICICI Bank was fake and forged, said an EOW official.
