EOW Nabs Man in Rs 1.42 Crore ICICI Loan Fraud

Bhubaneswar, July 29: Odisha’s Economic Offences Wing (EOW) has arrested Mihir Kumar Paikaray for allegedly defrauding ICICI Bank of Rs 1.42 crore through forged property documents.

According to investigators, Paikaray mortgaged fake land records to secure the loan, later defaulting on repayments.

The account was declared a Non‑Performing Asset (NPA) with Rs 1.22 crore outstanding.

Further probe revealed the same property had earlier been mortgaged with Bank of Baroda for Rs 30 lakh, which was later auctioned under the SARFAESI Act.

Verification at the Sub‑Registrar’s office confirmed the ICICI sale deed was forged, with mismatched stamp paper details and signatures.

Paikaray also attempted to obtain a Rs 1.50 crore loan from Suryodaya Small Finance Bank, but the fraud was detected before sanction.

EOW seized incriminating documents including forged deeds, loan applications, and internal reports.

He will be produced before the Designated Court, Kataka, as officials vow strict legal action while the investigation continues.