Bhubaneswar: A senior bank official has been arrested and produced before a court in Odisha capital today for his alleged involvement in a loan fraud to the tune of over Rs 1 crore.
The Economic Offences Wing (EOW) arrested Deputy General Manager (DGM) of Indian Overseas Bank (IOB) Bimadhara Swain from Bengaluru two days ago on charges of fraudulently approving loan of Rs 1.08 crore.
Swain, presently posted at Regional Office in Bengaluru, was arrested on Saturday and brought to Bhubaneswar on transit remand. He was produced before SDJM court here.
As per EOW sources, Swain had had sanctioned Rs 1 crore cash credit loan along with Rs 8 lakh vehicle loan to one Ashutosh Mishra in 2010 by accepting fake and forged documents from him, while the former was posted as Branch Manager at Rasulgarh branch.
The then Chief Regional Manager of IOB, Bhubaneswar, S Umapathi, had lodged a complaint in this regard with the EOW following which a case was registered on May 9, 2014, under Sections 420, 406, 467, 468, 471 and 120 (B) of IPC.
The loanee Asutosh Mishra was arrested earlier on July 21, 2014 and forwarded to court.