Bhubaneswar EOW arrests Dy Manager SBI for misappropriation of funds worth 8cr

Bhubaneswar: Economic Offences Wing, Bhubaneswar has arrested accused Asutosh Acharya, Dy. Manager, State Bank of India, Phulbani Branch from Cuttack in EOW Case.

The arrested accused will be produced before the Court of Hon’ble SDJM, Phulbani. The case was registered on the allegation of Regional Manager, State Bank of India, RBO, Phulbani against the arrested accused Asutosh Acharya.

He was working as the Dy. Manager-cum-Field Officer of SBI, Phulbani Branch he had illegally recommended and processed 59 No. of Xpress Credit Loans meant for the salaried person and 26 No. of Pension Loans meant for the pensioners to the non-salaried persons and non-pensioners and subsequently misappropriating the loan amount of Rs.8,01,87,000/- by transferring the same
to the account of his family members, relatives and others.

During the period from Sep’ 2021 to Sep’ 2022, the arrested accused Asutosh Acharya in his capacity as Dy. Manager-cum-Field Officer, SBI, Phulbani Branch in conspiracy with others fraudulently recommended and processed 59 No. of Xpress Credit Loans of Rs.6,77,30,000/- meant for the salaried persons to the non-salaried persons.

Similarly, 26 No. of Pension Loans amounting to Rs.99,82,795/- meant for the pensioners were illegally processed and recommended by the accused in favour of the non-pensioners those include his father, mother and father-in-law (dead).

The loans were sanctioned on the basis of the recommendation of the accused basing on the manufacture and use of forged documents like salary slips etc. The sanctioned amounts were being landed in the SB A/c of the borrowers beyond their knowledge, and the amounts were further being diverted to different accounts including those of the family members, relatives of the accused amongst others.

The loan amounts were being misappropriated by the present accused, who was learnt
to put the same in illegal money circulation. The accused is highly ambitious and was trying to make easy money by investing the loan amount in some other profitable business.

He was the instrument in getting the loan sanctioned in the name of different ineligible persons without the knowledge of the borrower. The accused misappropriated the total loan amount of Rs.8,01,87,000/- and to cover up his fraudulent activities he has also paid some initial EMIs of the loans.