The Economic Offences Wing (EOW) of Odisha Police has made significant progress in the Rs8.1 crore loan fraud case, with the arrest of four individuals involved in a multi-faceted conspiracy.
The accused have been identified as Smruti Ranjan Sethy, M. Dibyashree Jyoti Ranjan, Niranjan Behera, and Debasish Behera. They were arrested for their role in securing 234 fraudulent Xpress Credit loans from State Bank of India branches in Jaydev Vihar and Damana Chhak, located in Bhubaneswar. The loans, which were processed between November 2021 and January 2023, amounted to a staggering Rs8.1 crore.
According to Shiba Sundara Sahoo, the Regional Manager of SBI, RBO Bhubaneswar, the accused conspired to obtain loans by submitting fake employment records. These documents, which included salary certificates, bank statements, KYC details, and fabricated employment details, were presented as genuine. They listed fictitious employment with companies such as Capital Trust Ltd., Falcon Marine Exports Ltd., G4S Secure Solutions Pvt. Ltd., and several others.
The accused were able to fraudulently secure loans intended for corporate sector employees, but instead, the loans were granted to ineligible individuals. Following the loan disbursal, the borrowers ceased making EMI payments, causing the loan accounts to become Non-Performing Assets (NPAs). This left an outstanding balance of Rs4.77 crore.
Further investigation revealed that the accused had transferred substantial amounts from the loan accounts to their personal accounts, including amounts of Rs19.08 lakh, Rs2.42 lakh, and Rs94,000. The arrested individuals received these funds as a commission for their role in preparing fraudulent documents and facilitating the loan approval process.
As part of the ongoing investigation, the police have seized incriminating materials, including one laptop and five mobile phones, which are suspected to contain crucial evidence related to the scam. The accused will be produced before the Designated Court under the OPID Act, Cuttack, for further legal proceedings.
The investigation is still ongoing as the authorities continue to track down other individuals connected to the fraud and seek to recover additional details about the operation.
