Odisha Police have arrested another individual in Bhubaneswar for involvement in a Rs 6.88 crore bank loan fraud, where fake employment records were used to secure numerous loans.
Key Points
- Odisha Police's EOW arrests another individual in connection with a Rs 6.88 crore bank loan fraud.
- The accused allegedly availed 282 loans using fake employment records between May 2022 and November 2023.
- The loans, obtained from various branches of a public sector bank, turned into non-performing assets (NPAs).
- The arrested individual acted as a middleman in preparing the fraudulent documents.
The Economic Offences Wing (EOW) of Odisha Police has arrested another person from Bhubaneswar for his alleged involvement in a bank loan fraud case worth Rs 6.88 crore, officials said.
Details of the Bank Loan Fraud Investigation
Earlier, four accused were apprehended in connection with the case, and they are in judicial custody.
The latest arrest was made on Wednesday from the state capital, the officials said, adding that he will be produced before a court in Cuttack on Thursday.
The action came on the basis of a complaint registered by the regional manager of a public sector bank in Bhubaneswar.
Modus Operandi of the Fraud
In the FIR, it was alleged that the accused persons availed 282 loans amounting to Rs 6.88 crore from various branches of the bank between May 2022 and November 2023 by producing fake employment records, the officials said.
After availing the credit, the loanees allegedly stopped making EMI payments, and the loan accounts turned into NPAs (non-performing assets), they said.
The accused arrested on Wednesday acted as a middleman in preparing these fake documents, the EOW officials said.
Further investigation into the case is under progress.
