Balasore Court Jails Ex-NBFC Executive & Brother in ₹1.64 Crore Forgery Case
Balasore: In a court ruling under the Odisha Protection of Interests of Depositors (OPID) Act in Balasore on Wednesday, a former executive of a non-banking financial company (NBFC), along with his brother, was convicted in a forgery case amounting to Rs 1.64 crore.
The convicted individuals were identified as Sashikanta Sahoo and his brother Srikanta Sahoo.
Sashikanta Sahoo has been sentenced to seven years of rigorous imprisonment and fined Rs 3 lakh. Failure to pay the fine will result in an additional two years of imprisonment. Similarly, Srikanta Sahoo received a five-year prison term and a fine of Rs 2 lakh, with a provision for two more years in jail if the fine is not paid.
According to the Economic Offence Wing (EOW) of Odisha, the brothers used forged documents to secure loans for 11 fictitious individuals between May 8, 2018, and July 10, 2019. This fraudulent activity resulted in a loss of Rs 1.64 crore for Sundaram Finance.
Sashikanta, who held the position of executive customer relation at Sundaram Finance’s Tractor Unit in Balasore, recommended 13 contracts for loan approval for the purchase of KARTAR Harvesters. These proposals were submitted under the name of Utkal Agro Centre, Bhadrak, an authorized dealer of KARTAR Harvesters in Odisha. After loan approval, Sashikanta falsified loan documents obtained KYC details of fictitious borrowers and forwarded them to the finance department for loan disbursement. Furthermore, he altered the dealer’s name from Utkal Agro Centre to Hanumanjew Furniture and Utkal Enterprises, both owned by his brothers.
The arrests of Sashikanta and Srikanta were made on November 30, 2019, following a complaint filed by V Kishore Kumar, territory manager of Sundaram Finance Ltd. Chargesheets were filed against Sashikanta under Sections 409, 420, 467, 468, 471, 472, and 120-B of the Indian Penal Code (IPC), and Srikanta under Sections 409, 420, 471, 472, and 120-B of IPC.
Home
Videos
Odisha
Nation
World
Crime
Politics
Sports
Health
Lifestyle
Business
Education
Entertainment
Comments are closed.