BHUBANESWAR: The Economic Offences Wing (EOW) of Crime Branch arrested the deputy manager of State Bank of India’s (SBI) Phulbani branch, Asutosh Acharya, from Cuttack, for allegedly misappropriating Rs 8 crore.
Acharya, who is now under suspension, was accused of illegally recommending and processing 59 SBI Xpress credit loans meant for salaried people and 26 pension loans. He processed the Xpress credit and pension loans to non-salaried people and non-pensioners.
He misappropriated the loans to the tune of over Rs 8 crore by transferring the same amount to the bank accounts of his family members, and relatives, among others. A complaint was lodged by SBI regional manager, Phulbani, following which a case was registered by EOW.
The investigation has revealed that between September 2021 and September 2022, Acharya in conspiracy with others fraudulently recommended and processed Xpress credit and pension loans amounting to over Rs 6.77 crore and Rs 99.82 lakh respectively. Pension loans were processed in favour of non-pensioners including Acharya’s father and mother.