Home CRIME EOW arrests banker in Rs 29 crore loan fraud

EOW arrests banker in Rs 29 crore loan fraud

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Bhubaneswar: Economic Offences Wing of Crime Branch today arrested a banker in connection with Rs 29 crore loan fraud case.

“The prime accused Raghunath Sahoo while working as AGM and in-charge of Odisha State Cooperative Bank at Rourkela between 2005 and 2010 had sanctioned special housing loans, personal loans, educational loans, vehicle loans and general house building loans without taking collateral security, authorization of drawing disbursing officer authorizing deduction of loan amount from the monthly salary of the borrower, hypothecation of goods/vehicles for which the loan was sanctioned, valuation report of the property mortgaged, consent of the land owner for the mortgages of the property violating banking guidelines,” Crime Branch Special DG BK Sharma said.

Based on a complaint registered by S K Mishra, Deputy Secretary to Govt in Cooperation department, a case was filed against Sahoo.

“For lack of due diligence of accused Raghunath Sahoo, while sanctioning the loan, Odisha State Cooperative Bank has been cheated and put to wrongful loss to the tune of Rs.28, 89,95,428,” he added.

The anti-corruption wing officials arrested Raghunath Sahoo under section 120-B, 409 and 420 of IPC.

Sahoo will be produced before the Court of SDJM, Panpos tomorrow.