Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Police arrested a 55-year-old man from Bhubaneswar for allegedly cheating a bank to the tune of Rs 1.27 crore using fraudulent methods and forged documents.
The accused has been identified as Subrat Kumar Nayak, a resident of Laxmisagar area in Bhubaneswar.
EOW sources said the arrest was made following a complaint by the Regional Head, Financial Crime Prevention Group of ICICI Bank, Bhubaneswar. It was alleged that Subrat Nayak had availed a loan of Rs 1,03,00,000 on November 30, 2017 from ICICI Bank, Bomikhal Branch against equitable mortgage of three landed properties standing in the name of his mother, Ramarani Nayak.
Subsequently, the loan slipped into NPA. When the bank examined the matter for follow-up legal action, It was found that the mother of the accused had already expired during the year 2016, but she was impersonated in order to avail the loan.
During investigation, it was found that the accused had availed the loan of Rs 1.03 crore from the bank jointly with his wife, Malabika Nayak, by mortgaging three landed properties those stood in the name of his mother, who was already dead.
Subrat Nayak had managed to impersonate his dead mother by playing fraudulence and using forged documents, the sources said, adding that the outstanding amount at present is Rs 1.27 crore.
Further investigation in the case is in progress.
