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Cuttack: Odisha Jana Morcha Secretary General Jagneswar Babu, who was arrested on charges of defrauding the State’s largest cooperative bank during his tenure as the president, has been granted bail by the Odisha High Court on Tuesday.
Vigilance sleuths arrested the right hand man of OJM chairman Pyari Mohan Mohapatra for his alleged role in granting loan to a Bolangir based Sugar mill violating all official guidelines. He was sent to judicial custody after his bail application was rejected by the lower court.
Sources in the probe agency had said Babu, during his tenure as president of Orissa State Cooperative Bank, illegally had sanctioned loans to the tune of Rs 36.18 crore to Bijayananda Co-operative Sugar Mills in Bolangir in connivance with the loan committee members of the bank without adequate security. Incidentally, Jagneswar was also the president of the same company when the loan was advanced.
