Absconding bank manager arrested in loan fraud case in Odisha
In connection with a loan fraud, the Economic Offences Wing (EOW) of Odisha has arrested a former branch manager of the Central Bank of India's Pallaspalli Branch in Bhubaneswar.
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Bhubaneswar: In connection with a loan fraud, the Economic Offences Wing (EOW) of Odisha has arrested a former branch manager of the Central Bank of India's Pallaspalli Branch in Bhubaneswar.
The accused, identified as Swayam Prakash Parida, had been missing for a long time and had already been fired from his job. He was arrested on the basis of an allegation made by the Pallaspalli branch manager of the Central Bank of India.
During 2015-17, Maitreya Mishra and others, according to the official, fraudulently opened several bank accounts in the names of M/s Shree Bharat Motors, M/s City Motors, M/s Aditya Motors, M/s Utkal Automobiles, and M/s Rajpath K.T.M, Bhubaneswar, using fake and forged documents.
According to EOW sources, they had the sanctioned loan amounts credited to these accounts and then misappropriated them.
During his tenure, Parida allegedly sanctioned 24 vehicle loans and one CC loan ranging from Rs 2 lakh to Rs 9.75 lakh under the 'Cent Vehicle Schemes' in the names of various individuals based on forged KYC and loan documents.
As per EOW, Parida in conspiracy with one Maitreya Mishra sanctioned the loans in the name of different persons including the fake ones and diverted amount to different accounts opened by Mishra in the name of reputed vehicle dealers like M/s Shree Bharat Motors, M/s City Motors, M/s Aditya Motors, M/s Utkal Automobiles and M/s Rajpath K.T.M by using fake KYC and documents.
According to the EOW, the accounts were opened and managed fraudulently by accused Maitreya Mishra in collusion with arrested accused Swayam Prakash Parida.
A total of Rs.1.09 crore was sanctioned and disbursed illegally for 24 vehicle loans and one CC loan, and the amount was misappropriated by the accused. The loans were approved for the purchase of the vehicles, but fake insurance certificates, cover notes, and payment receipts for the vehicles were submitted without the purchase of any vehicle, according to EOW.
