Odisha EOW arrests yet another accused in loan fraud of Rs. 4.13cr 

Bhubaneswar: Economic Offences Wing, Bhubaneswar arrested accused Md. Iftekhar Asif Khan, from Cuttack in EOW PS Case No.16 dt.26.04.2023 U/s 409/420/467/468/471/120-B IPC.

The arrested accused is going to be produced before the court. The case was registered on the allegation of Priyabrata Panda, Chief Executive Officer, Urban Cooperative Bank Ltd., Cuttack alleging that from 2019-21, the Ex-Branch Manager of Nuapatna Branch and Ex-Sr. Assistant in conspiracy with three loanees including Md. Iftekhar Khan had sanctioned 25 loans against fake LIC policies, out of which 08 No. of loans amounting to Rs.4.13 could not be recovered.

Sk. Abdul Hayee was the Branch Manager of Urban Cooperative Bank Ltd., Nuapatna Branch whereas Prakash Kumar Mohapatra was the Sr. Assistant. Both in conspiracy with the loanees namely Md. Mustakim Raza, Md. Sarfaraj Jawed and the arrested accused Md. Iftekhar Asif Khan had fraudulently sanctioned 25 No. of loans against the security of fake/forged LIC policies.

Further, they went on renewing the loans by sanctioning new loans. The arrested accused Md. Iftekhar Asif Khan had availed three loans amounting to Rs.47 lakhs against one LIC policy showing him as the life assured whereas actually the policy stands in the name of one Pawan Kumar Gupta.

Again, the same policy has been given as security by all the three loanees by changing their names as life assured. Earlier, three accused persons namely Sk. Abdul Hayee, Prakash Kumar Mohapatra and Md. Mustakim Raza were arrested in this case. The investigation in thid case is still underway, said latest reports.