The Economic Offences Wing (EOW) of Odisha has arrested five individuals, including a home guard, in connection with a bank fraud scheme involving impersonation and forgery.
The accused allegedly orchestrated a fraudulent Rs. 3.5 crore Asset Backed Loan (ABL) from the State Bank of India (SBI) by mortgaging property using fake documents.
The investigation revealed that the accused changed the partnership of a firm, M/s Maa Ganga Enterprise, to facilitate the loan application. They impersonated the original property owner, creating fake Aadhaar and PAN cards for the scheme. When the real owner attempted to sell the property, the fraud came to light as the bank withheld the sale proceeds.
Incriminating materials, including fake currency, forged documents, and equipment purchased with the loan, were seized during house searches. The probe into the case continues, with investigators working to recover the misappropriated funds and track other co-conspirators.
This incident highlights the vigilance required to prevent bank fraud and the importance of secure loan processes. EOW’s efforts in exposing and acting against such crimes underline its commitment to justice and integrity in financial dealings.
