Bhubaneswar, Sep 6: The Economic Offences Wing, (EOW), Odisha Crime Branch, has arrested another accused from Bhubaneswar in the Rs 4.13 crore loan fraud case.
EOW sources here on Wednesday said Md. Sarfaraj Jawed was arrested on Tuesday from Bhubaneswar U/s 409/420/467/468/471/120-B IPC. He will be produced before the OPID Court, Cuttack on Wednesday.
Earlier, four accused persons — Sk. Abdul Hayee, Prakash Kumar Mohapatra, Md. Mustakim Raza and Md. Iftekhar Asif Khan were arrested in this case by the EOW.
Jawed had fled to Midnapore in West Bengal and was hiding for a long time.
The case was registered on the allegation of the Chief Executive Officer, Urban Cooperative Bank Ltd., Cuttack Priyabrata Panda who alleged that from 2019-21, the Ex-Branch Manager of Nuapatna Branch and Ex-Sr. Assistant in conspiracy with three loanees including Jawed had sanctioned 25 loans against fake LIC policies, out of which eight loans amounting to Rs.4.13 could not be recovered.
Sk. Abdul Hayee was the Branch Manager of Urban Cooperative Bank Ltd., Nuapatna Branch whereas Prakash Kumar Mohapatra was the Sr. Assistant. Both in conspiracy with the loanees —Md. Mustakim Raza, Md. Iftekhar Asif Khan and Md. Sarfaraj Jawed had fraudulently sanctioned 25 loans against the security of fake LIC policies.
Further, they went on renewing the loans by sanctioning new loans. 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 many different persons like Pawan Kumar Gupta, Rajendra Kumar Sahoo and Sarfaraj Dilawar.
Some of these policies have also been given as security by all the three loanees by changing their names as life assured, EOW sources said.
