Odisha: Former Executive Of NBFC & Brother Convicted In Rs 1.64 Cr Forgery Case

Balasore: A designed court under Odisha Protection of Interests of Depositors (OPID) Act, Balasore, on Wednesday convicted former executive of a non-banking financial company (NBFC), Sundaram Finance, and his brother in the Rs 1.64 crore forgery case.

They have been identified as Sashikanta Sahoo and Srikanta Sahoo.

The court sentenced Sashikanta to seven years of rigorous imprisonment and also imposed a fine of Rs 3 lakh on him. In case of non-payment of fine, the convict will undergo further imprisonment of two years. Likewise, Srikanta has been sentenced to five years of rigorous imprisonment and slapped with a fine of Rs 2 lakh. If he fails to pay the fine, he will have to spend another two years in jail

According to Economic Offence Wing (EOW), Odisha, the brothers used forged documents to fraudulently disburse loans to 11 fictitious people from May 8, 2018, to July 10, 2019. They cheated Sundaram Finance of Rs 1.64 crore. Sashikanta Sahoo, who was then the executive, customer relation, Tractor Unit, Balasore, of the company, had recommended 13 contracts against 11 customers to the credit authority for approval of loans for purchase of KARTAR Harvesters.

The proposals were given in the name of Utkal Agro Centre, Bhadrak, which is the authorised dealer of KARTAR Harvesters in Odisha. After the loan was approved, Sashikanta prepared fake loan documents, procured the KYC of the fictitious loanees and sent those to the finance department for disbursement of the loan amount. He also changed the name of the dealer from Utkal Agro Centre to Hanumanjew Furniture and Utkal Enterprises, which are owned by his brothers Srikanta Sahoo and Sunanda Kumar Sahoo.

Sashikanta and Srikanta were arrested on November 30, 2019, on the basis of a complaint lodged by V Kishore Kumar, territory manager of Sundaram Finance Ltd. Chargesheets were filed against Sashikanta under Sections 409, 420, 467, 468, 471, 472, 120-B of Indian Penal Code (IPC) and Srikanta under Sections 409, 420, 471, 472 and 120-B of IPC.