Odisha: EOW arrests two more individuals in Rs. 8 crore bank fraud case
The Economic Offences Wing (EOW) in Bhubaneswar has arrested two more individuals in the ongoing bank fraud case involving over Rs. 8 crores.
Bhubaneswar: The Economic Offences Wing (EOW) in Bhubaneswar has arrested two more individuals in the ongoing bank fraud case involving over Rs. 8 crores.
The individuals, identified as Samaresh Ranjan Das and Hemanta Panda, were arrested in connection with the case. The arrests were made under various sections of the Indian Penal Code (IPC) and the Information Technology (IT) Act.
The case, registered by the Regional Manager of State Bank of India (SBI) at RBO Phulbani stems from the illegal recommendation and processing of 59 Xpress Credit Loans and 26 Pension Loans by Asutosh Acharya, the then Dy. Manager-cum-Field Officer of SBI of Phulbani Branch. These loans, meant for salaried individuals and pensioners, were deceitfully approved for non-salaried and non-pensioner beneficiaries, including the accused’s family members, relatives, and others.
During the investigation, it was revealed that from September 2021 to September 2022, Asutosh Acharya, in collusion with Samaresh Ranjan Das and Hemanta Panda, fraudulently processed loans totaling Rs. 6,77,30,000/- meant for salaried persons in favor of ineligible individuals. Additionally, Rs. 99,82,795/- worth of Pension Loans, intended for pensioners, were wrongly approved for non-pensioners, including the accused’s deceased father, mother, and father-in-law.
The sanctioned loan amounts were transferred to the accounts of unsuspecting borrowers without their knowledge and subsequently diverted to different accounts, including those of Samaresh Ranjan Das and Smruti Multi-Purpose Cooperative Society Ltd., where Hemanta Panda serves as Secretary.
Investigations revealed that Samaresh Ranjan Das and Hemanta Panda received direct credits of Rs. 1.46 crores and Rs. 47,43,104/-, respectively. Furthermore, more than Rs. 3 crores of the fraudulently obtained funds were misappropriated through the account of Smruti Multi-Purpose Cooperative Society Ltd., with involvement from the arrested accused.
Earlier, the main accused, Ashutosh Acharya, was arrested and presented before the court. Now, with the arrest of Samaresh Ranjan Das and Hemanta Panda, the investigation continues to uncover the full extent of the bank fraud.