Keonjhar, Sept 1: A former bank manager has been arrested for allegedly orchestrating a major gold loan fraud involving more than ₹2 crore at the Union Bank of India’s Joda branch in Kendujhar district. The Economic Offences Wing (EOW) of the Odisha Crime Branch has uncovered the alleged financial irregularities and arrested former branch manager Satyabrata Bhoi in connection with the case.
According to the investigation, Bhoi allegedly misused his official position to pledge fake gold jewellery in the names of around 100 genuine customers and obtain loans from the bank. The accused is alleged to have siphoned off more than ₹2 crore through the fraudulent transactions.
A complaint regarding the large-scale financial irregularities was lodged with the police on August 21. Following the complaint, the EOW took over the investigation and began examining the transactions and other aspects of the alleged scam.
After his arrest, Bhoi was produced before the First Additional District and Sessions Judge’s Court in Balasore. His bail plea was rejected, following which he was remanded to judicial custody.
Meanwhile, another key accused in the alleged fraud, Raju Kumar Verma, remains absconding. Police and EOW teams are conducting raids at multiple locations to trace and arrest him.
The investigating agency is also probing the alleged involvement of other individuals and examining whether more people were connected to the gold loan fraud.
