The Economic Offences Wing (EOW) of Odisha Police has arrested Subrat Kumar Nayak (55), a resident of Laxmisagar, Bhubaneswar, for allegedly cheating ICICI Bank out of Rs1.27 crore by impersonating his deceased mother and submitting forged documents to secure a loan.
The case surfaced after Sushant Nayak, Regional Head of ICICI Bank’s Financial Crime Prevention Group, lodged a complaint, prompting an investigation by the EOW.
According to the probe, Subrat Nayak secured a loan of Rs1.03 crore in November 2017 from the bank’s Bomikhal branch by mortgaging three properties in the name of his mother, Ramamani Nayak, who had died in 2016.
Police revealed that Subrat and his wife Malabika Nayak prepared forged documents and impersonated his late mother to execute the fraudulent transaction. The scam was uncovered only after the loan account turned into a Non-Performing Asset (NPA) and triggered a legal and internal review by the bank.
“The current outstanding stands at Rs1.27 crore. Further investigation is ongoing,” the EOW said in an official statement.
