The Central Bureau of Investigation (CBI) has filed a case of loan fraud against Bhubaneswar-based Dwarka Jewelers and its partners for allegedly cheating the Indian Bank by submitting fake property documents to obtain a loan.
A senior CBI official said they received a written complaint in February from the bank, alleging that Dwarka Jewelers; its partners Dwarka Nath Patro, Pushpanjali Patro, Uma Shankar Patro, Subhashree Patro; guarantor Bilkish Patro; and others committed fraud, criminal conspiracy, cheating, and forgery in connection with a Cash Credit Facility of Rs 6 crore sanctioned in 2013 by the erstwhile Allahabad Bank (now Indian Bank).
The firm had taken the loan for the purpose of trading in gold, silver, precious stones, and diamond ornaments/jewellery but allegedly later engaged in fraudulent activities.
"Dwarka Jewelers was a partnership firm established in 2001, and it became a non-performing asset (NPA) in 2020. The firm transferred Rs 3.55 crore through various transactions to Uma Shankar Patro and GDS Builders, which constituted diversion of funds. It was alleged that the partners misused the funds for purposes other than those for which the loan was sanctioned," stated the CBI.
"The official mentioned that it was discovered that some of the properties kept as mortgage against the loan were not registered in the names of the partners. Fake documents were allegedly submitted to deceive the bank."
Based on this complaint, the CBI has now filed an FIR and is investigating the matter.