EOW arrests IOB DGM for Rs 1.8 cr loan fraud

Bhubaneswar: The Economic Offences Wing (EOW) today arrested Deputy General Manager (DGM) of India Overseas Bank (IOB) on charges sanctioning loans to the tune of Rs 1.8 crore with help of fake documents.

The accused has been identified as a Bimbhadhara Swain who reportedly served as branch manager in 2010 at an IOB branch located in Rasulgarh area of Bhubaneswar.

According to sources, during his tenure Swain assisted in siphoning off Rs 1.8 crore by submitting forged documents.

EOW had earlier arrested a person named Ashutosh Mishra in connection with the fraud.

After arrest, Swain was produced before the Bhubaneswar SDJM Court today.