Odisha EOW arrests another accused in Rs 4.13-crore loan fraud case

The Economic Offences Wing (EOW) of Odisha crime branch arrested another accused in connection with the Rs 4.13-crore bank loan fraud case, a police official said on Wednesday.

The accused Md. Sarfaraj Jawed was arrested here on Tuesday.

An EOW official said the ex-branch manager and former senior assistant of Nuapatna branch of Urban Cooperative Bank Ltd in conspiracy with three loanees including Md. Sarfaraj Jawed had availed 25 loans submitting fake LIC policies, out of which eight loans amounting to Rs.4.13 crore could not be recovered.

Jawed had availed four loans amounting to Rs 1.58 crore against four LIC policies showing him as the assured, whereas actually policies stand in the name of different persons.

Earlier, four other accused in the case—branch manager Sk Abdul Hayee, senior assistant Prakash Kumar Mohapatra and loanees Md. Mustakim Raza and Md. Iftekhar Asif Khan were arrested.