Realtor arrested by EOW for Rs 6 crore bank fraud
Bhubaneswar: The Economic Offences Wing (EOW) of Crime Branch has arrested managing director of Sibani Constructions on charges of cheating State Bank of Travancore and Registrar of Companies (RoC) by submitting forged documents.
EOW sources said the accused, Siba Narayan Chottray had submitted fabricated documents to RoC which had fake signature of chief manager of the bank and its seal.
“In December 2012, Chottray had availed a loan of Rs 6 crore from the Nayapalli branch of SBI Travancore after mortgaging two acres of land which he owned in Khandagiri area,” Crime Branch SP Rajendra Prasad said.
“After repaying Rs 1 crore, Chottray in connivance with a chartered accountant and a bank employee forged documents that had signature of the bank manager and seal, and submitted to the RoC. In the document it was stated that he had cleared the loan and got back his mortgaged land,” Prasad said.
The matter came to light during document verification of the bank.
The accused has been booked under Sections 467, 468, 471, 420, 120 (B) of IPC and produced in a local court which sent him to judicial custody.
Earlier chartered accountant Kulamani Parida and bank employee Laxmidhar Sathua were arrested in connection with the case.