Additional Arrest Made in Odisha's Rs 6.88-Crore Loan Fraud Investigation

Odisha Police's Economic Offences Wing (EOW) has apprehended yet another individual in connection with a sprawling bank loan scam amounting to Rs 6.88 crore. The latest arrest occurred in Bhubaneswar and ties into a series of prior detentions as part of the investigation.

Authorities disclosed that fake employment records were used by the accused to obtain 282 loans from various branches of a public sector bank between May 2022 and November 2023. The fraudulent activities came to light after the regional manager of the bank lodged a complaint. Following the disbursement of loans, it was reported that those involved ceased repayment, converting the loans into non-performing assets (NPAs). The recent detainee acted as an intermediary, fabricating counterfeit documents to facilitate the scam. Investigations are ongoing.

(With inputs from agencies.)