The Economic Offences Wing (EOW) on Monday arrested four individuals in connection with a massive Rs8.1 crore bank fraud involving fake documents and fraudulent credit loans.
The accused—Smruti Ranjan Sethy, M Dibyashree Jyoti Ranjan, Niranjan Behera, and Debasish Behera—were apprehended from different locations across Odisha. Sethy and Jyoti Ranjan were nabbed from Jagatsinghpur district, while the Behera duo was arrested in Nayapalli, Bhubaneswar.
According to a complaint filed by Sahoo, the accused allegedly hatched a conspiracy to obtain 234 Xpress credit loans from multiple State Bank of India branches between 2021 and 2023. The total loan amount fraudulently availed reached a staggering Rs8.1 crore.
The group allegedly used fake and fabricated documents to secure the loans. Officials stated that each loan was sanctioned based on forged income and employment proofs.
The arrests were made following an in-depth investigation by the EOW, which is now probing the extent of the conspiracy and identifying any additional accomplices or enablers in the banking system.
More arrests and legal action are expected as the investigation progresses.
