Bhubaneswar: The Economic Offences Wing (EOW) has arrested the Proprietor of M/s R.K. Timber, Narendra Kumar Sahu, today in Bhubaneswar for defrauding IDBI bank of over 4.8 crores.
A case (5/20) was registered under Sections 406/420/409/467/468/471/120-B of the IPC in this regard . The accused is being forwarded to the court of SDJM, Bhubaneswar today, said the EOW in a press note.
As per the EOW, the case was registered on the written complaint of Ask Kumar Parhi, Senior Regional Head of IDBI Bank, Janpath, Bhubaneswar in the matter of availing of loan by the accused, Narendra Kumar Sahu, Proprietor of M/s R.K. Timber in a fraudulent manner and causing wrongful loss to the bank to the tune of Rs. 4.80 crores.
Investigation revealed that during the year 2009, M/s R.K. Timber, the Proprietorship concern of accused Narendra Kumar Sahu was sanctioned with a CC loan of Rs. 80 lakhs from the IDBI Bank Ltd., Janpath against mortgage of six plots located in Mouza, Kantabada, P.S. Chandaka. However, after availing the loan, the accused wilfully did not make any repayment and as on registration of the case, the loan was outstanding to the tune of about Rs. 4.80 crores including interest.
It has also been transpired that while the properties were in mortgage, the accused borrower during the year-2011-12 in criminal conspiracy with others had sold two plots to six different persons by executing registered sale deeds without the knowledge of bank.
Besides, it was ascertained that the rest four mortgaged plots though were submerged in Jhumka Dam, Bhubaneswar, but by misleading and misguiding the bankers, the accused borrower managed to mortgage those, causing wrongful loss to the tune of more than 4 crores to a Public Sector bank.
Investigation of the case is continuing, the EOW press note further mentioned.