The Economic Offences Wing (EOW) of Odisha Police arrested Subrat Kumar Nayak (55) of Laxmisagar, Bhubaneswar, for allegedly defrauding ICICI Bank of ₹1.27 crore by impersonating his deceased mother and using forged documents to secure a loan.
The arrest was made in connection with EOW PS Case No.11 dated August 21, 2025, under multiple IPC sections, including 406, 419, 420, 467, 468, 471, and 120-B. Nayak is set to be produced before the Designated Court under the OPID Act in Cuttack.
According to the complaint filed by Sushant Nayak, Regional Head of ICICI Bank’s Financial Crime Prevention Group, the accused had availed a loan of ₹1.03 crore in November 2017 from the Bomikhal branch by mortgaging three properties in the name of his mother, Ramamani Nayak, who had passed away in 2016.
Investigations revealed that Subrat Nayak, along with his wife Malabika Nayak, forged documents and impersonated his late mother to obtain the loan. The loan later turned into a Non-Performing Asset (NPA), prompting the bank to initiate legal scrutiny, which exposed the fraud.
“The current outstanding amount stands at ₹1.27 crore. Further investigation is underway,” the EOW said.
