Bhubaneswar: The Economic Offences Wing (EOW) of the Odisha police’s crime branch department on Friday arrested two former officers, including the branch manager of Central Bank of India, Bhadreswar n Cuttack, in connection with an Rs 3.3-crore bank fraud case.
The accused were identified as ex-branch manager Dambarudhar Nayak and ex-agricultural finance officer Devidutta Panigrahy.
Both Nayak and Panigrahy were arrested from Keonjhar and Bhubaneswar, respectively on December 7, EOW officials informed on Friday.
Both of the former officials arrested based on the complaint filed by Anadi Biswas, the Regional Head of Central Bank of India, Bhubaneswar.
It was alleged that both the ex-officials of the bank had unauthorisedly sanctioned and done fraudulent transactions in respect of 68 Central Kisan Credit Cards (CKCC) and 24 Term Loan accounts apart from illegal diversion of government subsidy, causing a loss of Rs 3.33 to the bank.
According to EOW, the duo had illegally sanctioned/diverted Rs 85,49,941 in 68 CKCC accounts, Rs 1,49,18,103 in 24 Term Loan accounts, Rs 15,60,000 of subsidy amount of eight borrowers of Prime Minister Employment Generation Programme (PMEGP) scheme and Rs 83,24,558.03 towards 114 irregular transactions in bank’s profit and loss accounts.
“The accused sanctioned the loan in the name of different persons/borrowers regardless of their eligibility and also without the knowledge and consent of the borrowers. Besides, they have raised the limit of the loans fraudulently beyond the knowledge of the borrowers. They have deliberately created and used the forged documents to sanction the loans,” the EOW said in a release.
While Dambarudhar Nayak has already been dismissed by the bank, disciplinary action has been initiated against accused Devidutta Panigrahi, sources said.
