Saswat Singhdeo

Bhubaneswar: The Economic Offences Wing (EOW) of the Odisha Crime Branch has arrested a businessman from Khurda for allegedly submitting fake mortgage documents and subsequently misappropriating a loan from Allahabad Bank in Bhubaneswar. The arrested businessman has been identified as Devraj Subudhi of Khurda.

As per reports, the accused Devraj Subudhi along with Narayan Senapati, both partners of M/s Vishal Polymers had availed two loans—Rs 60 lakh as Cash-Credit loan and Rs 40 lakh as term loan for manufacturing and trading of polythene bags, packing materials in the year 2010 from Allahabad Bank's Old Station Bazaar branch in Bhubaneswar.

At the time of availing loan, Subudhi had given mortgage of his property located at Mouza-Banapur and Raghunathpur in Khurda but subsequently did not repay the outstanding loan amount of nearly Rs 1.45 crore outstanding as on December 17, 2014.

During investigation it was revealed that property at Banapur area was sold by Subudhi prior to submitting it as mortgage with the bank. Similarly, fake Record of Rights was produced for the Raghunathpur mouza property.

EOW had arrested Senapati on December 18 last year.