The Economic Offences Wing (EOW) of Odisha Police has apprehended six individuals in connection with a significant loan fraud, allegedly duping the State Bank of India (SBI) of Rs16.71 crores.
The accused—Anirban Patnaik and Anupama Dash from Bhubaneswar, Tophan Rout and Satyaban Rout from Khandapada, Tukuna Mallick from Badamba, and Feroz Khan from Kakatpur—were presented in court on Wednesday.
According to an official statement from the EOW, the arrests followed a complaint by Shiba Sundara Sahoo, the Regional Manager of SBI in Bhubaneswar. The complaint alleged that the accused fraudulently secured 161 Xpress Credit Loans from various SBI branches in Bhubaneswar using forged employment records between November 2022 and October 2023.
The loans, totaling Rs16.71 crores, were obtained from branches at Jaydev Vihar (139), Patia (5), Raghunathpur (11), and Jharpada (6).
Investigations revealed that Anirban Patnaik had rented a building in DLF, Patia, Bhubaneswar, under the guise of operating his company, Purvi Venture Pvt. Ltd. In collusion with the other accused, the rented space was falsely presented as PhonePe’s regional office, complete with signboards and stickers.
The accused also created a fake email account resembling that of PhonePe. Leveraging these fraudulent tactics, they approached various SBI branches for Xpress Credit Loans, submitting inflated salary slips and forged employment certificates, falsely claiming employment with PhonePe.
During the bank’s pre-sanction verification, the rented building was showcased as PhonePe’s regional office, and the fake email was used to verify the loan applicants’ employment status. This deceit resulted in the approval of 161 loans under various names using counterfeit documents.
Further investigation revealed that the accused were collecting 35% of the sanctioned loan amounts from borrowers in exchange for facilitating the loans. Borrowers were required to submit personal identification documents, including Aadhaar and PAN cards, while other necessary documentation was managed by brokers involved in the scam. To enhance the ruse, amounts were transferred to the borrowers’ accounts for several months to simulate regular salary deposits.
When the loans became non-performing assets due to non-repayment, the bank launched an internal investigation, uncovering the fraudulent scheme.
Among those arrested, Tophan Rout, Feroz Khan, and Anupama Dash were identified as having secured loans using fake documents, including forged employment certificates and inflated salary slips, with assistance from the other accused.
During the investigation, several incriminating items, including mobile phones containing evidence of the fraudulent activities, were recovered.
In light of these developments, PhonePe Private Limited issued a statement clarifying that the arrested individuals were never employees of the company.
“It has recently come to our attention that certain individuals have been arrested by the EOW of Odisha Police for falsely claiming to be PhonePe employees to obtain loans from SBI. PhonePe unequivocally states that these individuals have never been associated with our organization. Any documents related to PhonePe used by them are forged,” the statement read.
“PhonePe is a law-abiding entity and is cooperating with the Economic Offences Wing and SBI in their investigation. We will continue to assist as required. PhonePe condemns the actions of those who illegally use our brand and goodwill,” it further stated.
