Odisha EOW Busts ₹3.7 Crore Bank Fraud, Arrests IDBI Bank Official

Cuttack: The Economic Offences Wing (EOW) of the Odisha Crime Branch has unearthed a major bank fraud case and arrested an official of IDBI Bank’s Dandamukundapur branch in Pipili.

The arrested individual, identified as Tanmay Kumar Maharana was an Asset Officer at the time of the crime and is accused of illegally sanctioning 35 fictitious loans worth Rs 3.7 crore, primarily MUDRA loans, allegedly favouring his close associates and relatives. These loans were sanctioned in collaboration with Sarojkanta Mohapatra, the former Branch Head of the bank.

Following his arrest, Maharana was presented before the JMFC Court in Raipur and subsequently transferred under transit remand to EOW PS Case No-03, dated 29.02.2024, U/s 409/420/467/468/471/120-B of the IPC. Further legal proceedings are scheduled to take place before the Designated Court in Cuttack under OPID Act.

The investigation revealed that the fraudulent activities involved government cash of Rs 3.7 crore deposited in two bank accounts belonging to the Block Development Officer (BDO) of Pipili. In 2018, the BDO requested the bank to convert this amount into a Flexi Fixed Deposit (FFD). However, the bank officials, including Maharana and Mohapatra, allegedly misled the BDO by fabricating the existence of an FFD account and providing false interest accrual details.

Upon further inquiry by the BDO in 2022, the bank was forced to acknowledge that no such FFD account existed. This triggered an internal investigation, which confirmed the misappropriation of Rs 3.7 crore by the bank officials for personal gains.

The bank, meanwhile, has suspended both Maharana and Mohapatra from service for their involvement in the fraudulent activities.