SBI Deputy Manager Arrested by EOW for Misappropriation of Rs 8 Cr

Bhubaneswar: A deputy manager of the State Bank of India (SBI) posted at its Phulbani branch in Kandhamal district was arrested by the Economic Offence Wing (EOW) of Crime Branch of Odisha police on the charges of fraud and misappropriation of Rs 8 crore.

The accused, Ashutosh Acharya, was arrested from Cuttack on April 5. He would be produced before the Phulbani SDJM Court. He was arrested on the basis of the complaint filed by SBI Regional Manager, RBO, Phulbani.

Acharya had allegedly recommended and processed 59 Xpress Credit Loans meant for the salaried person and 26 pension loans meant for the pensioners to the non-salaried persons and non-pensioners. Through this illegal activity, he had allegedly misappropriated the loan amount of Rs 8,01,87,000. He transferred this amount to the account of his family members, relatives and others.

The accused used forged documents like salary slips for his modus oprandi. The EOW sleuths feel that the accused was trying to make easy money by investing the misappropriated loan amount in some other profitable business.