Bhubaneswar: The Economic Offences Wing on Tuesday arrested a proprietor of M/s RK Timber, Narendra Kumar Sahu in a Rs 4.8 crore bank fraud case.
Sahu was under EOW scanner after a complaint was filed by Asit Kumar Parhi, Senior Regional Head of IDBI Bank, Janpath, Bhubaneswar regarding availing of loan by Sahu through fraudulent means.
In 2009, RK Timber had availed a CC loan of Rs 80 lakh from IDBI Bank, Janpath branch against mortgage of six plots located in Mouza, Kantabada under Chandaka police limits.
However, Sahu did not repay the loan as per the agreement. In further violation of the loan agreement, Sahu sold 2 of the mortgaged plots during 2011-12 to six different persons by executing registered sale deeds without the knowledge of bank, the EOW sources said.
The rest four mortgaged plots were submerged in Jhumka Dam. But, the accused managed to mislead the bankers and managed to mortgage those, causing wrongful loss to the tune of more than Rs 4 crore to the bank.
Sahu was produced before the court of SDJM, Bhubaneswar.