Odisha Loan Fraud Bust: EOW Nabs Four in Rs 8.1 Crore Scam

The Economic Offences Wing of Odisha Police arrested four individuals for allegedly defrauding a state-owned bank of Rs 8.1 crore. The accused illegally sanctioned 234 loans using fake documents. This operation came to light following a complaint from a regional bank manager.

In a significant crackdown, the Economic Offences Wing (EOW) of Odisha Police has apprehended four suspects alleged to have masterminded a Rs 8.1 crore fraud against a government-owned financial institution. The arrests were made on Monday.

A statement from the EOW revealed that the accused were able to secure 234 'Xpress Credit' loans amounting to Rs 8.1 crore on behalf of 234 ineligible individuals. This was achieved by submitting falsified employment records, including counterfeit salary certificates, employment details, bank statements, and KYC documents.

The EOW disclosed that these individuals served as middlemen, fabricating documents to reap financial benefits. Numerous incriminating materials have been seized in conjunction with the arrests as the investigation continues. The case was initiated after a complaint was filed by the regional manager of the State Bank of India in Bhubaneswar.

(With inputs from agencies.)