EOW arrested another accused in loan fraud case

Prameyanews English

Published By : Prameya News Bureau | August 14, 2023 IST

EOW arrested another accused

Bhubaneswar, Aug 14: The Economic Offences Wing (EOW) has arrested another accused in a bank fraud case. The accused Md. Iftekhar Asif Khan was arrested on Monday from Cuttack. 

The case was registered on the allegation of Priyabrata Panda, Chief Executive Officer, Urban Cooperative Bank Ltd, Cuttack alleging that from 2019-21, the former Branch Manager of Nuapatna Branch and former Senior Assistant in conspiracy with three loanees including Md. Iftekhar Khan had sanctioned 25 loans against fake LIC policies, out of which eight loans amounting to Rs 4.13 crore could not be recovered.

Sk. Abdul Hayee was the Branch Manager of Urban Cooperative Bank Ltd, Nuapatna Branch whereas Prakash Kumar Mohapatra was the Senior Assistant. Both in conspiracy with the loanees namely Md. Mustakim Raza, Md. Sarfaraj Jawed and the present accused Md. Iftekhar Asif Khan had fraudulently sanctioned 25 loans against the security of forged LIC policies. Further, they went on renewing the loans by sanctioning new loans.

Khan had availed three loans amounting to Rs 47 lakh against one LIC policy showing him as the life assured whereas actually the policy stands in the name of one Pawan Kumar Gupta. Again, the same policy has been given as security by all the three loanees by changing their names as life assured. Earlier, three accused persons namely Sk. Abdul Hayee, Prakash Kumar Mohapatra and Md. Mustakim Raza were arrested in this case.  

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