EOW Nabs Man In Bank Fraud Case Of Over Rs 5 Cr

Bhubaneswar: The Economic Offences Wing (EOW) of Bhubaneswar has apprehended a person on the charges of fraud from a private bank of over Rs 5 crores in Bhubaneswar. The arrestee has been identified as S.Kathiresan of Trichy (Tamilnadu).

Reportedly, the accused had availed a loan amounting to Rs. 5 crores for the purpose of lending the same to the SHG/ Joint Liability Groups.  Subsequent to the sanction of Rs. 5 crores in favour of M/s Jagannatha Financial Services Ltd., the company failed to pay the installments, and finally the account turned NPA on November 1, 2011with outstanding balance of about Rs. 5.63 crores.

Following this, K.N. Narasimha, Chief Manager of erstwhile Corporation Bank (now Union Bank of India) lodged a complaint against the accused regarding the disbursed loan to non-existent agriculturists and submission of fabricated & false documents to the bank with criminal intent to defraud the bank.

Since registration of the case, the accused had absconded evading arrest. After pertinent efforts, cops finally managed to nab the accused from Gnanaoli village at Trichy.

Further investigation is underway into the matter, sources said.

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