SAMBALPUR: The CBI on Friday raided the house of a Sambalpur-based businessman, Natwarlal Agrawal, for his alleged involvement in a loan fraud to the tune of Rs 4.11 crore. The raids were conducted after a written complaint regarding the loan was lodged by the Assistant General Manager (AGM) of Union Bank of India (UBI)’s regional office, TK Sahoo on April 6 this year. Sahoo had requested for a CBI investigation of the fraud.
As per the complaint, Agarwal besides his partners /guarantors, who are his family members, had approached the Union Bank of India, main branch in Sambalpur for cash credit for business purposes. Subsequently, on the basis of the representation of Agrawal, the UBI main branch, Sambalpur sanctioned separate loans to his three business entities including Rs 3.9 crore to M/s Goendamal Graphites mines, Rs 91 lakh to M/s GR Graphite Industries, and Rs 20 lakh to M/s National Carbon Products during the period 2014-2017.
However, it was later found that the borrowers in collusion with each other allegedly entered into criminal conspiracy with unknown public servants and cheated the bank by producing fake, fabricated and forged title deeds, papers, letters and availed the credit facilities wrongfully. They also misappropriated sanctioned funds due to which the accounts slipped to Non-Performing Asset (NPA), causing loss to the Union Bank of India to the tune of over Rs 4,.11 crore.
Subsequently, a case was registered against Agrawal and eight of his family members besides unknown public servants involved in the fraud. CBI’s Biren Kumar Swain was entrusted with the investigation of the case.Until last reports came, the raid was ongoing at Agarwal’s residence.