One held for bank fraud

BHUBANESWAR: The Economic Offences Wing on Saturday arrested a man for fraudulently availing loans from a nationalised bank in the City. The accused has been identified as Debraj Subudhi of Khurda.
Chief Manager of Allahabad Bank’s Station Square branch, Babita Kar, had lodged a complaint in this regard following which the agency had registered a case in December last year.

According to EOW officers, Subudhi and Narayan Senapati, both partners of Vishal Polymers, had availed `60 lakh cash credit loan and `40 lakh term loan in 2010 for manufacturing and trading of polythene bags and packing materials. The duo had taken the loan in the name of the firm.

Subudhi had availed the loans from the bank by mortgaging his property in Banpur and Raghunathpur areas. However, the two persons did not repay the amount and the loan turned into non-progressive assets (NPA) having an outstanding amount of over `1.45 crore as on December 17, 2014.

“Investigation revealed that Subudhi had made fake document of record of rights (RoR) of the property in Raghunathpur in his name,” a EOW officer said. The accused was produced before a court here.