Odisha’s Economic Offences Wing (EOW) has arrested Mihir Kumar Paikaray in connection with a Rs 1.42 crore loan fraud against ICICI Bank, exposing a major case of financial misconduct involving forged land documents.
The arrest was made on July 29 in Bhubaneswar under EOW PS Case No. 11 dated 24.07.2026, registered under multiple IPC sections including 409, 420, 467, 468, 471 and 120B, as well as the OPID Act. Paikaray is being produced before the Designated Court, Kataka, today.
According to the complaint filed by Sushant Nayak, Regional Head, Financial Crime Prevention Group, ICICI Bank Ltd., Paikaray fraudulently availed a loan of Rs 1.42 crore by mortgaging fake land documents. He later defaulted on EMIs, causing the account to be classified as a Non‑Performing Asset (NPA), with an outstanding balance of Rs 1.22 crore.
Investigations revealed that Paikaray had earlier mortgaged the same property with Bank of Baroda, availing a loan of Rs 30 lakh. After defaulting, the property was auctioned under the SARFAESI Act. Verification at the Sub‑Registrar Office, Bhubaneswar confirmed that the sale deed submitted to ICICI Bank was forged, with mismatched stamp paper numbers and signatures.
EOW further found that Paikaray attempted to secure a loan of Rs 1.50 crore from Suryodaya Small Finance Bank, but the fraud was detected and the application rejected.
Authorities have seized incriminating documents including the forged sale deed, loan applications, and internal investigation reports. The probe is ongoing, with officials vowing strict legal action against the accused.
