EOW arrests ex-branch manager of Central Bank of India in Rs 1.9 crore loan fraud

The Economic Offences Wing (EOW), Bhubaneswar arrested Swayam Prakash Parida, the ex- branch manager of Central Bank of India, Pallaspalli Branch, Bhubaneswar in connection with a loan fraud.

As per reports, Parida was absconding since long; and he has already been dismissed from the service. Parida was arrested based on the allegation of the Central Bank of India's branch manager.

The official had alleged that during the year 2015-17, Maitreya Mishra and others, fraudulently managed to open several Bank accounts in the name of M/s Shree Bharat Motors, M/s City Motors, M/s Aditya Motors, M/s Utkal Automobiles and M/s Rajpath K.T.M, Bhubaneswar, in different Banks using fake and forged documents. They got the sanctioned loan amounts credited to these accounts and misappropriated the same.

During his incumbency, Parida allegedly sanctioned 24 vehicle loans and one CC loan with the amount varying from Rs 2 lakh to Rs 9.75 lakh under the ‘Cent Vehicle Schemes’ in the name of different persons basing on the forged KYC and loan documents.

As per EOW, Parida in conspiracy with one Maitreya Mishra sanctioned the loans in the name of different persons including the fake ones and diverted amount to different accounts opened by Mishra in the name of reputed vehicle dealers like M/s Shree Bharat Motors, M/s City Motors, M/s Aditya Motors, M/s Utkal Automobiles and M/s Rajpath K.T.M by using fake KYC and documents.

As per EOW, the accounts were opened and managed by accused Maitreya Mishra fraudulently in connivance with the arrested accused Swayam Prakash Parida.

"An amount of Rs.1.09 Crore in respect of the 24 vehicle loans and one CC loan have been sanctioned/disbursed illegally, and the amount was misappropriated by the above accused persons. The loans were sanctioned for purchase of the vehicles, but fake insurance certificate, cover notes, payment receipts in respect of the vehicles were submitted without purchase of any vehicle," said EOW.