EOW Arrests One More Accused In Rs 4.13 Cr Loan Fraud Case
The Odisha Crime Branch's Economic Offences Wing (EOW) has apprehended another suspect in the Rs 4.13 crore bank loan scam case.
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Bhubaneswar: The Odisha Crime Branch's Economic Offences Wing (EOW) has apprehended another suspect in the Rs 4.13 crore bank loan scam case.
Md Sarfaraj Jawed, the accused, was apprehended in Bhubaneswar on September 5. He had escaped to the West Bengal region of Midnapore and had been hiding there for some time, according to an EOW release on Wednesday.
So far, five people have been arrested in connection with the fraud. Md Iftekhar Asif Khan was detained last month for reportedly taking three loans totaling Rs 47 lakh against one LIC policy, claiming to be the life assured while the policy was actually in the name of one Pawan Kumar Gupta.
On a complaint from the bank, the EOW detained two former employees, Sheikh Abdul Hayee and Prakash Kumar Mahapatra of Urban Cooperative Bank Ltd, and Md Mustakim Raza, a former LIC agent, for fraudulent loan sanctioning between 2019 and 2021. Hayee was the bank's Nuapatna Branch Manager, while Mohapatra was the senior assistant.
In collusion with Raza, Md Sarfaraj Jawed, and Khan, they illegally sanctioned 25 loans in exchange for fake/forged LIC policies. According to the announcement, 8 loans totaling Rs.4.13 crore could not be retrieved, but they continued to extend the debts by authorizing fresh loans.
Jawed had taken four loans totaling Rs.1,58,65,000 against four LIC policies that listed him as the life assured, despite the fact that the policies were issued in the names of numerous different people, including Pawan Kumar Gupta, Rajendra Kumar Sahoo, and Sarfaraj Dilawar. Again, all three loanees have used part of these policies as security by changing their names to life assured.
The inquiry is continuing, according to the announcement.
