Reported by Santosh Jagdev
Bhubaneswar, Jul 26:
The Economic Offences Wing (EOW) of Odisha Crime Branch today arrested the managing director of M/s Sibani Construction, a city-based construction company, for cheating State Bank of Travancore in the city and Registrar of Companies (ROC) by submitting false and fabricated documents.
The accused, identified as Siba Narayan Chhotaray of Balitota Sahi under Nayapalli police limits in Khordha district, had submitted forged documents to ROC containing fake signature of the Chief Manager of the bank and its seal, EOW sources said. He has been charged under sections 467, 468, 471, 420, 120 (B) of IPC by the EOW officials.
According to EOW Superintendent of Police (SP) Rajendra Patnaik, the accused Chhotaray had taken a loan of Rs 6 crore from SBI Travancore located in Nayapalli area on December 17, 2012 after keeping two acres of land he owned in Khandagiri area as mortgage.
In doing so, the bank, as per regulation, showed ‘charged’ status in ROC of its website. After the loanee repay all his loans to the bank, the status in the website would have changed to ‘charged satisfied’.
But Chhotaray, after repaying Rs 1 crore against the loan amount taken by him, started cheating the bank and ROC to get ‘charged satisfied’ status and to free his mortgaged land. He, along with a Chartered Accountant Kulamani Parida and employee Laxmidhar Sathua, cheated the bank putting the fake signature of Chief Manager of the bank and bank seal and by submitting forged documents at ROC.
He then subsequently freed the mortgaged land and sold it at higher price to clear the loan taken from the bank.
When the bank verified the document after a year, it found the loan repayment process suspicious. On June 10, 2013, the Chief Manager of the bank K Jeganathan lodged a complaint with EOW office here against the accused for cheating the bank.
The EOW officials investigated the case and registered a case (23/2014) on September 22, 2014. Later the state investigating agency arrested Parida and Sathua for their involvement in the case.
“Today we have arrested Chhotaray for cheating the bank by fraudulent means. He has been forwarded to a designated court in Cuttack,” said the EOW SP.