The Economic Offences Wing (EOW), Bhubaneswar arrested one more accused in a loan fraud amounting to over Rs 4 crore. The accused, identified as Md. Iftekar Asif Khan, was arrested from Cuttack.
Earlier, the EOW had arrested three accused persons -Sk. Abdul Hayee, Prakash Kumar Mohapatra and Md. Mustakim Raza in this case. Iftekar was arrested based on the complaint filed by Priyabrata Panda, the Chief Executive Officer, Urban Cooperative Bank Ltd., Cuttack.
The complainant had alleged that from 2019-21, the ex-Branch Manager of Nuapatna Branch and ex-Sr. Assistant in conspiracy with three loanees including Md. Iftekhar Khan had sanctioned 25 loans against fake LIC policies, out of which 8 loans amounting to Rs 4.13 crore could not be recovered.
Investigations revealed that Sk. Abdul Hayee, the Branch Manager of Urban Cooperative Bank Ltd( Nuapatna Branch) and senior assistant Prakash Kumar Mohapatra had fraudulently sanctioned 25 loans against the security of fake/forged LIC policies. Further, they went on renewing the loans by sanctioning new loans.
“The arrested accused Md. Iftekhar Asif Khan had availed three loans amounting to Rs 47 lakh against one LIC policy showing him as the life assured whereas actually, the policy stands in the name of one Pawan Kumar Gupta. Again, the same policy has been given as security by all the three loanees by changing their names as life assured,” EOW said in a release.