Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Police has arrested Pradipta Kumar Lenka from Cuttack in connection with a major bank fraud case involving the alleged siphoning of Rs 6.88 crore through fraudulent Xpress Credit loans from State Bank of India (SBI) branches.
According to an EOW release, Lenka was arrested from Bhubaneswar on May 27 under relevant sections of the Indian Penal Code, including 409, 420, 467, 468, 471, and 120B. He is scheduled to be produced before the Designated Court under the OPID Act in Cuttack on May 28.
The Case
The case was registered based on a complaint by Shiba Sundar Sahoo, Regional Manager of SBI’s Regional Business Office in Bhubaneswar.
According to the FIR, a group of accused persons allegedly conspired to avail 282 Xpress Credit Loans worth Rs 6.88 crore between May 2022 and November 2023 from four SBI branches — Rail Viha
r (150 loans), Fortune Tower (115), Patia (8), and Damana (9). The accused reportedly submitted fake and fabricated employment records to show the borrowers as employees of reputed organisations such as Tata Steel Ltd, TPCODL, Vedanta Ltd, Dharmara Port, Aarati Steels Ltd., and others. These loans, intended for individuals in the corporate and government sectors, were instead allegedly extended to 282 ineligible persons.
Middleman Role Alleged
Investigation has revealed that Lenka acted as a middleman. In collusion with the loanees and others, he allegedly prepared and facilitated fake documents, including salary certificates, employment details, bank statements, and KYC papers. After the loans were disbursed, most borrowers stopped paying EMIs, causing the accounts to turn into Non-Performing Assets (NPAs) with an outstanding amount of Rs 6,88,29,323.
EOW found evidence of diversion of Rs 3.23 lakh from loan accounts directly to Lenka’s bank account, indicating he received financial benefits for his role in the racket. One mobile handset suspected of containing incriminating evidence was seized from him.
Previous Arrests
Four other accused — Smruti Ranjan Mohanty, Baishakhi Saha, Charubala Dandasena, and Sarita Paikaray — have already been arrested in the case and are currently in judicial custody.
Also Read: EOW Odisha Arrests 3 Women SBI Officials In Rs 6.88 Cr Bank Fraud Case