28 Idco employees likely to lose jobs over loan fraud

Bhubaneswar: As many as 28 employees of Odisha Industrial Infrastructure Development Corporation (Idco) might lose their jobs for their alleged involvement taking loans worth Rs 1.5 crore by forging documents. Show cause notices have been served to all of them. Moreover, the Vigilance department has also began its probe into the matter.

According to sources, 28 employees of the corporation took Rs 1.5 crore loan from a State cooperative bank. After allegations, a departmental probe was done in which all of them were found guilty following which they have been served notices, added sources.

“Prima facie the employees are at fault which as a result of which probe was ordered,” said Idco CGM Sushant Kumar Das.

The investigation report revealed that around 36 employees applied for loans from Bhubaneswar State Cooperative bank. However, the accused employees forged their salary certificates, recommendation letters, undertaking by (Drawing and Disbursement Officer) DDO, signatures of the guarantors and stamps required for the loan. Moreover, the accused also forged the signature of the then Idco CMD Priyabrat Patnaik. Startlingly, during inspection, the accused produced fake persons as Idco’s DDO and GM finance, the report states.

“Their intention was to somehow take the loan from the bank. As they didn’t have the eligibility , they restored to such unfair means to get a higher loan amount,” said MD of Odisha Cooperative Bank Tushaar Kumar Panda

Till the time they were repaying the loan everything was under the wraps, however only after the repayments stopped, the bank conducted an inquiry which revealed the fraud, added Panda.

Based on these findings which are a violation of service rules action has been taken against them, informed sources.

Similarly, two employees of the bank who approved the loan have also been suspended.

On the other hand, the accused have defended them saying that the bank employees forged the documents.