Home CRIME CB arrests four in bank fraud case

CB arrests four in bank fraud case

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Bhubaneswar, Dec 29:

The Economic Offences Wing (EOW) of State Crime Branch (CB) on Saturday arrested four persons on the charges of duping Rs 2.96 crores from Bilahat branch of Odisha Gramya Bank in Cuttack, CB official said today.

The accused identified as Prakash Chandra Baral (63) (Ex-Branch Manager) of Lalasahi in Jagatsinghpur district, Harmohan Pattanaik (57) of Rajaranapur in Nayagarh district, Hemant Swain (37) and Ranjan Kumar Mohanty alias Gyana (42), both of Naindipur in Kendrapara district were booked under section 420, 467, 468, 471, 409, 120 (B) of IPC.EOW arrests four in bank fraud case

The accused will be forwarded to the court today.

The CB DIG Rajesh Kumar told OST that the matter came to light after the General Manager (Vigilance) of the bank filed a complaint with the CB here on December 27 this month saying a fraud had taken place during 2011-12 by sanction and disbursement of 148 fake loans of 1.75 lakh each under KGB personal loan scheme to the tune of Rs 2.96 crores in Balihat branch of Cuttack district.

The loans were sanctioned against forged documents showing the beneficiaries as teachers of different UP, ME and High Schools.

Harmohan, who was the field officer then, was the mastermind behind the crime. His job was to verify documents of the beneficiaries before sanctioning loans. But Harmohan cheated the bank by producing false salary certificates, copies of acquittance roll and undertaking from the DDOs and Prakash as the Branch Manager then approved the documents and cleared the loans, said the DIG.

In reality, the beneficiaries were not teachers of any school but Hemant and Ranjan who work as teachers in Cuttack helped Harmohan in committing such fraud, the DIG said, adding the major amount of loans disbursed fraudulently were invested by Hemant in DP Investment and services Private Limited, a chit fund company.

The monthly interests earned from such investment was deposited in the bank towards repayment of loans by the accused but after the collapse of the chit fund company following police crackdown, the accused could not deposit money in the bank after which the fraud was detected, he said.

“ We have arrested the accused for their involvement in fraud and criminal conspiracy. Investigation is continuing to nab others who were also involved,” DIG Kumar said.