Odisha Police Uncover Major Loan Fraud Scheme Involving Rs 8.1 Crore

Significant Arrests Made in Loan Fraud Case

Bhubaneswar: On Monday, the Economic Offences Wing (EOW) of the Odisha Police apprehended four individuals suspected of orchestrating a fraudulent scheme that resulted in a loss of Rs 8.1 crore to a state-owned bank.

According to the EOW's announcement, the suspects were able to secure 234 'Xpress Credit' loans totaling Rs 8.1 crore, which were intended for the corporate sector, by submitting falsified employment records, including salary certificates, employment details, bank statements, and KYC documents for 234 ineligible individuals.

The arrested individuals acted as intermediaries, creating these fraudulent documents for personal financial gain. Numerous incriminating items have been confiscated from them, and the investigation is ongoing.

Previously, the EOW initiated a case against these four suspects following a complaint from the regional manager of the State Bank of India, RBO, Bhubaneswar.