Bhubaneswar Based Businessman Arrested For Fraud Of Rs 4.80 Crore

Bhubaneswar: Economic Offences Wing, Bhubaneswar has arrested a fraudster from Bhubaneswar today. He has been identified as Naredra Kumar Sahu the Proprietor of R.K. Timber.

The case was registered on the written complaint of Asit Kumar Parhi, Senior Regional Head of IDBI Bank, Janpath, Bhubaneswar in the matter of availing of loan by the accused.

Narendra Kumar Sahu, committed a fraud and caused wrongful loss to the bank to the tune of Rs. 4.80 crores. The investigation revealed that during the year 2009, R.K.Timber, the Proprietorship of the accused Narendra Kumar Sahu was sanctioned with a CC loan of Rs. 80 lakhs from the IDBI Bank Ltd., Janpath against mortgage of six plots located in Mouza, Kantabada, P.S. Chandaka.

However, after availing the loan, the accused wilfully did not make any repayment and as on registration of the case, the loan was outstanding to the tune of about Rs. 4.80 crores including interest.

It is also noteworthy that while the properties were in mortgage, the accused borrower during the year-2011-12 in criminal conspiracy with others had sold two plots to six different persons by executing registered sale deedswithout the knowledge of bank.

It has also been ascertained that the rest four mortgaged plots though were submerged in Jhumka Dam in Bhubaneswar, but by misleading and misguiding the bankers, the accused borrower managed to mortgage those, causing wrongful loss to the tune of
more than 4 crores to a Public Sector bank.

He has been forwarded to the court of SDJM, Bhubaneswar today.

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