Man arrested in Rs 1.27cr loan fraud case in Bhubaneswar

A person was arrested in Bhubaneswar on Tuesday in connection with a loan fraud of Rs 1.27 crore, officials said.

Subrat Kumar Nayak (55) was arrested by the Economic Offences Wing (EOW) of the state police, they said.

Nayak availed a loan of Rs 1.03 crore from ICICI Bank's Bomikhal branch on November 30, 2017, by mortgaging three plots.

The loan became a non-performing asset (NPA) with a total outstanding of Rs 1.27 crore, including interest, officials said.

The lands were in the name of Nayak's mother, who had died in November 2016. He managed to impersonate his dead mother and used forged documents to take the loan, they said.

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