Odisha EOW Arrests Another Accused in ₹4.13 Crore Loan Fraud Case

Bhubaneswar: The Economic Offences Wing (EOW) in Bhubaneswar has arrested Md. Iftekar Asif Khan, the third accused in a Rs 4.13 crore loan fraud case involving Urban Cooperative Bank Ltd., Cuttack.

Khan was arrested in Cuttack on Monday, following the earlier arrests of Sk. Abdul Hayee, the former Branch Manager of the Nuapatna Branch of the bank, and Prakash Kumar Mohapatra, a senior assistant at the branch.

The fraud came to light after the bank’s Chief Executive Officer, Priyabrata Panda, filed a complaint alleging that Hayee and Mohapatra had sanctioned 25 loans using fake LIC policies. These loans, totalling Rs 4.13 crore, have not been repaid.

Investigations revealed that Hayee and Mohapatra had colluded with Khan and two other individuals to issue the fraudulent loans. Khan had availed three loans amounting to Rs 47 lakh, all based on an LIC policy that falsely showed him as the life assured. In reality, the policy was in the name of one Pawan Kumar Gupta.

The EOW is now investigating the role of the other two individuals involved in the fraud.