Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Police has seized a range of movable assets, including luxury cars, high-end mobile phones, and professional equipment, believed to have been acquired using proceeds from a large-scale cheating scam involving impersonation of State Bank of India (SBI) officials.
The action followed the arrest of Rama Narayan Bal, a resident of Bhadrak district, on October 29. Bal, a former sales manager with SBICAP Securities (a subsidiary of SBI Capital Markets) from 2023 to 2024, is accused of posing as an SBI inspection officer to defraud victims.
Investigation revealed that Bal targeted individuals interested in purchasing properties auctioned by banks due to loan defaults. He allegedly created forged sale agreements, issued fake quotations for property approvals, and affixed counterfeit SBI seals along with forged signatures of senior officials, such as the Deputy General Manager.
The probe has so far uncovered fraud amounting to over Rs 20 crore affecting at least nine victims, including one company cheated of more than Rs 14 crore.
The case was registered un
der various sections of the Bharatiya Nyaya Sanhita (BNS), including provisions related to cheating, dishonest inducement, forgery, and criminal conspiracy.
Following his arrest in Bhadrak, Bal was produced before the Designated Court under the Odisha Protection of Interests of Depositors (OPID) Act in Cuttack and remanded to judicial custody.
The arrested accused was later brought on police remand. During interrogation, Bal revealed that he had invested illicit gains in movable properties registered in his name and those of relatives. Following which, EOW teams conducted simultaneous raids at his residence, business outlets, and other locations in Bhadrak and Bhubaneswar on December 20.
The seized items include:
>> Three motorcycles/scooters from his residence in Niladri Vihar, Bhadrak.
>> 144 high-value mobile phones from his shop, Bhadranee Mobiles, in Bhadrak town.
>> Four heavy DJ vehicles equipped with advanced lighting, sound systems, and generators from Bhadranee Music in Bhadrak rural area.
>> Sound systems and photography gear from Bhadranee Photography in Bhadrak.
>> Three luxury vehicles—a Mahindra Thar Roxx, an Audi A4, and a Chevrolet Cruze—from another Bhadranee Music outlet in Pahala, Bhubaneswar.
Bal was also found to be involved in four other criminal cases, involving cheating registered at police stations in Baisinga, Bhadrak, and Talcher. Further investigation is underway and EOW officials indicated that more assets and victims may come to light.