New Delhi (Agency): In a significant development in the ongoing investigation into a bank loan fraud case, the Economic Offences Wing (EOW) of the Odisha crime branch has apprehended another accused, Md. Sarfaraj Jawed. The case revolves around a financial fraud amounting to Rs 4.13 crore.
The fraud scheme is alleged to have been executed through a conspiracy involving the former branch manager and senior assistant of the Nuapatna branch of Urban Cooperative Bank Ltd. In collusion with three borrowers, including Md. Sarfaraj Jawed, the perpetrators availed a total of 25 loans by submitting fabricated LIC (Life Insurance Corporation) policies as collateral. However, the authorities were unable to recover eight of these loans, which together amount to Rs 4.13 crore.
Specifically, Md. Sarfaraj Jawed is accused of securing four loans with a cumulative value of Rs 1.58 crore. These loans were obtained using four LIC policies, all of which were fraudulently presented in his name, despite the actual policies being registered under different individuals’ names.
This recent arrest follows the apprehension of four other individuals connected to the same case. Among those arrested were the branch manager, Sk Abdul Hayee, the senior assistant, Prakash Kumar Mohapatra, and two other loanees, Md. Mustakim Raza and Md. Iftekhar Asif Khan.
The investigation into this complex financial fraud continues, with authorities working to uncover the full extent of the conspiracy and hold all responsible parties accountable for their actions.
