The Economic Offences Wing (EOW) of Odisha Police arrested a deputy manager of the State Bank of India on the charge of Rs 8-crore loan fraud. He is accused of sanctioning a loan against ineligible persons without the knowledge of the borrowers.
After prima facie misappropriation of a total loan amount of Rs.8,01,87,000 (Rs 8.01 crore) was established, the accused, Asutosh Acharya posted in the Phulbani branch of the premier national bank was arrested under sections 409/420/467/468/471/120-B Indian Penal Code besides Section 66 (C) of Information Technology Act. Later, he was remanded to judicial custody, EOW officials said.
Acharya had illegally recommended and had processed 59 Xpress Credit Loans meant for the salaried person and 26 pension loans meant for the pensioners to the non-salaried persons and non-pensioners. Subsequently, he misappropriated the loan amount by transferring the same to the account of his family members, relatives. The fraud was committed from September 2021 to September 2022, EOW said.
The loan beneficiaries included his father, mother and father-in-law (dead), who were non-pensioners and were not eligible for loan.
The loans were sanctioned on the basis of the recommendation of the accused by way of forged documents like salary slips. The sanctioned loan amounts were being landed in the savings accounts 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, a highly ambitious person intent on earning a fast buck, tried to make easy money by investing the loan amount in profitable business and illegal money circulation schemes floated by Ponzi firms. He was instrumental in getting the loan sanctioned in the name of different ineligible persons without the knowledge of the borrowers. Further investigation is underway as involvement of other bank officials may not be ruled out, EOW concluded.