Sunday, July 21, 2024

Bank fraud: EOW nabs 1 more accused – N.F Times


Bhubaneswar: The Economic Offences Wing (EOW), Bhubaneswar arrested one more accused in connection with the bank fraud of over Rs 4 crore. The accused, Md. Sarfaraj Jawed was arrested from Bhubaneswar on Tuesday.

The accused had earlier fled to Midnapore district of West Bengal and was hiding since long.Sarfaraj was arrested based on the complaint filed by Priyabrata Panda, the Chief Executive Officer, of Urban Cooperative Bank Ltd, Cuttack.

Panda had alleged that during 2019-21, the Ex-Branch Manager of Nuapatna Branch and Ex-Sr. Assistant in conspiracy with three loanees including Md. Sarfaraj had sanctioned 25 loans against fake LIC policies, out of which 8 loans amounting to Rs.4.13 crore could not be recovered.

The arrested accused Sarfaraj Jawed had availed four loans amounting to Rs.1,58,65,000 against four LIC policies showing him as the life assured whereas actually policies stand in the name of different persons like Pawan Kumar Gupta, Rajendra Kumar Sahoo and Sarfaraj Dilawar.

Some of these policies have also been given as security by all three loanees by changing their names as life assured. Earlier, four accused persons – Sk. Abdul Hayee, Prakash Kumar Mohapatra, Md. Mustakim Raza and Md. Iftekar Asif Khan were arrested in connection with the case.


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