Odisha: One more accused arrested in loan fraud case of Rs. 4.13cr

Bhubaneswar: Economic Offences Wing, Bhubaneswar arrested accused Md. Sarfaraj Jawed from Bhubaneswar 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 OPID Court, Cuttack today. He had fled to Midnapore district of West Bengal and was hiding since long.

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. Sarfaraj Jawed 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. Iftekhar Asif Khan and the arrested accused Md. Sarfaraj Jawed 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. Sarfaraj Jawed had availed four loans amounting to Rs.1,58,65,000/- against four LIC policies showing him as the life assured whereas actually policies stand in the name of many different persons like Pawan Kumar Gupta, Rajendra Kumar Sahoo and Sarfaraj Dilawar.

Again, some of these policies have also been given as security by all the three loanees by changing their names as life assured. Earlier, four accused persons namely Sk. Abdul Hayee, Prakash Kumar Mohapatra, Md. Mustakim Raza and Md. Iftekar Asif Khan were arrested in this case.

The investigation of the matter is still underway