Balasore: The OPID court Balasore delivered the judgment on Tuesday in an EOW case and sentenced the two fraudsters for cheating Rs1.64 Cr by using forged documents.
The accused have been identified as Sashikanta Sahoo guilty u/s 409/420/467/468/471/472/120-B IPC and his brother Srikanta Sahoo guilty U/s 409/420/471/472/120-B IPC.
The court sentenced the convict Sashikanta Sahoo to undergo rigorous imprisonment for 07 years and a fine of Rs.3 lakhs. On default of the fine, the convict will undergo further imprisonment of 02 years. Similarly, Srikanta Sahoo was sentenced to undergo RI for 05 years and a fine of Rs.2 lakhs. On default of the fine, he will undergo further imprisonment of 02 years.
This case was registered on the written report of V. Kishore Kumar, Territory Manager of Sundaram Finance Ltd. against Sri Sashikanta Sahoo, Executive of Balasore Branch of the Company, his brother Srikanta Sahoo, proprietor of M/s Hanumanjew Furniture and others for cheating the NBFC (Sundaram Finance) of Rs. 1.64 Cr. by fraudulently disbursing 13 No. of loans in favour of fictitious loanees by using forged documents.
As found on the investigation, during the period from 08.05.2018 to 10.07.2019, 13 No. of contracts against 11 No. of customers worth Rs.1,64,000,00 were recommended by Sashikanta Sahoo, Executive (Customer Relation, Tractor Unit, Balasore) of Sundaram Finance to the credit Authority, The head office of Sundaram Finance for approval of the loan for the purchase of KARTAR make Harvesters.
The proposals were given in the name of dealer ‘Utkal Agro Centre’, Bhadrak, the authorized dealer of KARTAR Harvesters in Odisha. On receipt of the approval from the credit authority of Sundaram Finance Ltd., Sashikanta Sahoo falsely prepared the loan documents, procured the KYC documents of the fictitious loanees and sent them to the payment Dept. for disbursement of the loan amount.
In the loan documents of loanees, Sashikanta Sahoo changed the name of the dealer from Utkal Agro Centre to M/s Hanumanjew Furniture and M/s Utkal Enterprises which were falsely created by Sashikanta Sahoo in connivance with his brothers.
Accordingly entire loan amount of Rs.1.64 Cr. was disbursed in the accounts of dealer M/s Hanumanjew Furniture and M/s Utkal Enterprises which are owned by Srikanta Sahoo and Sunanda Kumar Sahoo, the respective brothers of Sashikanta Sahoo. All three accused persons thus cheated the NBFC Sundaram Finance of the above amount and misappropriated the same.
Sashikanta Sahoo and Srikanta Sahoo were arrested on 30.11.19 and forwarded to the court. Two Charge sheets vide No.03 dtd.24.03.2020 u/s 409/420/467/468/471/472/120-B IPC and No.15 dt.25.05.2023 u/s 409/420/467/468/471/472/120-B IPC have been submitted in the case against the above noted two accused persons.
