EOW nabs Bhubaneswar couple in Rs 1.3 crore bank fraud case lodged by ICICI bank

The  Economic Offences Wing (EOW), Odisha, arrested a couple for their alleged involvement in a bank fraud case amounting to Rs 1.3 crore in Bhubaneswar. The couple has been identified as Ashirbad Pattnaik and Manogyan Pattnaik.

The couple was arrested based on the complaint filed by Sushant Nayak, Regional Head, Financial Crime Prevention Group, ICICI Bank Ltd, Bhubaneswar.

As per the allegation, Ashirbad Pattnaik and Manogyan Pattnaik had fraudulently availed loan against property of Rs.1.5 crore from ICICI Bank, Link Road Branch in Cuttack by mortgaging two flats and one duplex in Bhubaneswar.

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Notably, the assets were earlier mortgaged with Indian Bank, Ashok Nagar Branch in Bhubaneswar for availing Rs.3.79 Crore loan in the name of  “AB Solutions” of Ashirbad Pattnaik in the year 2018 by producing fake/forged documents.

The loan was taken by mortgaging two flats respectively at Archid Giribala and Archid Pride and one duplex at Kalarahanga. 
While the above loans were running, Ashirbad and his wife again availed a loan of Rs.1.5 Crore against the above-mentioned properties through three loan accounts from ICICI Bank, Link Road Branch in Cuttack.

How The Fraud Came To Fore?

According to EOW, Ashirbad Pattnaik had sold one of the mortgaged flats to one Leena Appicatlaa under the sale deed by doing an internal balance transfer of the loan in favour of Leena Appicatlaa in ICICI Bank. 

The entire fraud came to light after there was a default in repaying the loan pending at the Indian Bank when the concerned bank legally proceeded to take possession of the said flat.

“The two other remaining mortgaged properties have been taken possession by Indian Bank. Thus, ICICI Bank made a wrongful loss of the outstanding loan amount of Rs.1.3 Crore till January 2025 due to the deceitful act of the accused persons by using forged documents,” said EOW in a release.