Odisha EOW arrests man in Rs.1.27 crore ICICI Bank fraud case

Bhubaneswar, Aug 26 (UNI) The Economic Offences Wing (EOW) of the Odisha Crime Branch has arrested the prime accused in the Rs.1.27 crore ICICI Bank fraud case.

According to EOW sources, the accused, Subrat Kumar Nayak (55), a resident of Laxmisagar, Bhubaneswar, had availed a loan of Rs.1,03,00,000 on November 30, 2017, from the ICICI Bank’s Bomikhal branch.

The loan was sanctioned against an equitable mortgage of three landed properties registered in the name of his mother, Ramamani Nayak.

However, during recovery proceedings, the bank discovered that Ramamani Nayak had already passed away in 2016, a year before the loan was sanctioned.

It was revealed that Subrat had impersonated his deceased mother and submitted forged documents to avail the loan.

The case was registered on the basis of a written complaint filed by Sushant Nayak, Regional Head, Financial Crime Prevention Group, ICICI Bank Ltd., Bhubaneswar.

In his complaint, he alleged that Subrat, along with his wife Malabika Nayak, fraudulently availed the loan by mortgaging the properties standing in the name of his late mother.

EOW officials said the accused has been booked under Sections 406, 419, 420, 467, 468, 471, and 120-B of the IPC.

He was produced before the Designated Court under the OPID Act, Cuttack, today