Economic Offence Wing (EOW) of Odisha police has arrested a fraudster, who is alleged to have misappropriated over ₹1 crore by fraudulently availing bank loan for purchasing cars over two years.
The EOW on Thursday nabbed Maitreya Mishra, who had been absconding after the probe agency started trailing him. The accused was being forwarded to court.
Last year, branch manager of Central Bank of India, Pallaspalli had registered a complain stating that Mishra had misappropriated money by opening fake accounts in the name of different automobile dealers. Subsequently, the EOW started
“The accused person had opened fake bank accounts in connivance with bank employees and needy loanee. He used to deposit the demand drafts which were issued in the name of automobile dealers against vehicle loans sanctioned and disbursed by banks in those fake accounts,” said Asish Mishra, EOW investigating officer.
Investigation revealed said an amount of ₹1.09 crore had been misappropriated between 2015 and 2017. During this period, 24 vehicle loans were sanctioned and disbursed including two loans by the accused, but no vehicles were purchased out of the loan.
The investigating officer said role of loanees and bank employees were being probed.