Odisha bank fraud case worth Rs. 3.33 crore, EOW arrests 2 persons

Bhubaneswar: Economic Offences Wing, Bhubaneswar has arrested accused persons namely Dambarudhar Nayak and Devidutta Panigrahy in the Odisha bank fraud case.

The arrested persons, Ex-Branch Manager and Ex-Agricultural Finance Officer of Central Bank of
India, Bhadreswar Branch, Cuttack, from Keonjhar and Bhubaneswar respectively, on 07.12.2023, in EOW PS Case No.27 dt.05.12.2023 U/s 409/420/467/468/471/120-B IPC, r/w Sec.66 (D) of IT Act.

The arrested accused persons will be produced before the Spl. Court for EOW, Cuttack. The case was registered on the allegation of Anadi Biswas, Regional Head, Central Bank of India, Regional Office, Bhubaneswar, against the arrested accused persons namely Dambarudhar Nayak and Devidutta Panigrahi.

It is worth mentioning that the two arrested persons were working as Branch Manager and Agricultural Finance Officer at Central Bank of India, Bhadreswar Branch, Cuttack, respectively during the period from 18.09.2015 to 11.11.2018 for unauthorized sanction and fraudulent transactions in respect of 68 No. of Central Kisan Credit Cards (CKCC) and 24 No. of Term Loan accounts apart from illegal diversion of Govt. subsidy, causing a loss of Rs.3,33,52,602.03 to the bank.

Both the arrested accused Dambarudhar Nayak and Devidutta Panigrahi during their incumbency at Bhadreswar Branch of Central Bank of India by entering into a conspiracy have illegally sanctioned/diverted Rs.85,49,941/- in 68 CKCC accounts, Rs.1,49,18,103/- in 24 Term Loan accounts, Rs.15,60,000/- of subsidy amount of 08 borrowers of Prime Minister Employment Generation Programme (PMEGP) scheme and Rs.83,24,558.03 towards 114 irregular transactions in bank’s profit and loss accounts.

It is worth mentioning that in the Odisha bank fraud case, the arrested persons have sanctioned the loan in the name of different persons/borrowers regardless of their eligibility and also without the knowledge and consent of the borrowers. Besides, they have raised the limit of the loans in fraudulently beyond the knowledge of the borrowers.

They have deliberately created and used the forged documents to sanction the loans. The accused persons have misappropriated all the loan amounts. The arrested accused Dambarudhar Nayak has already been dismissed by the bank whereas disciplinary action has been initiated against
accused Devidutta Panigrahi.

Many incriminating documents have been seized during investigation including the loan documents. The investigation of the case is on.

Also Read: Day 3 of major IT raid in Odisha, crores seized and probe still