Cuttack: The state Crime Branch has arrested a senior official of a private bank for allegedly duping a man of around Rs 60 lakh through fraudulent means.
According to sources, the accused, Gyanendra Panda, had come in contact with Satchitdananda Pattnaik, a resident of Rourkela, while the former was working in a private bank in the city.
On the advice of Panda, Patnaik agreed to invest in mutual funds operated by the private bank. Accordingly, Patnaik gave cheques signed by him to Panda to invest in different mutual fund policies.
Initially, the bank official deposited Patnaik’s cheques amounting to Rs 7.5 lakh in the mutual funds, but later redeemed those without informing Patnaik, the sources said. Subsequently, Panda managed to withdraw more than Rs 60 lakh, deposited by Patnaik through self cheques, by allegedly misusing his position in the bank.
As Patnaik came to know that he was duped of the amount by Panda by fraudulent means, he filed a complaint with police. Following investigation into the complaint, the Crime Branch arrested Panda on Tuesday. Further investigation is on.
