EOW Arrests Central Bank’s Ex-Branch Manager in Rs 1.09 Cr Fraud Case

Bhubaneswar: The Economic Offences Wing (EOW) arrested the former branch manager of the Central Bank of India, Swayam Prakash Parida in a Rs 1.09 crore loan fraud case. He was arrested from Cuttack.

While posted at the Palaspalli branch of Central Bank in Bhubaneswar in 2015-17, the accused sanctioned 24 vehicle loans and one CC loan with amount varying from Rs 2 lakhs to 9.75 lakhs under Cent vehicle schemes in the name of different persons based on the forged KYC and loan documents.

Later the loan amounts were misappropriated by Swayam, Maitreya, and others.

Fake insurance certificates, cover notes, and payment receipts were submitted without the purchase of any vehicle. As a result, the bank suffered heavy losses as the loans could not be recovered. Swayam was dismissed from service by the bank and he was absconding.