Businessman Held For Defrauding IDBI Bank Of More Than Rs 4.8 Cr

Bhubaneswar (Reporters Today Bureau): Businessman detained by The Economic Offences Wing (EOW) of Crime Branch for alleged involvement in defrauding IDBI Bank, Janpath branch. Accused had been forwarded to the SDJM, Bhubaneswar court today.

The Accused is identified as Naredra Kumar Sahu and a case has been registered against Sahu, the Proprietor of M/s R.K. Timber, Bhubaneswar dated 26.08.2020 under section 406/420/409/467/ 468/ 471/120B IPC.

According to the sources, Asit Kumar Parhi, Senior Regional Head of IDBI Bank, Janpath, Sahu availed loan in a fraudulent manner and caused wrongful loss to the bank to the tune of Rs. 4.8 crore. An official of EOW investigation revealed Sahu was authoritative in 2009 with a cash credit loan of Rs 80 lakh from IDBI Bank Ltd, Janpath against mortgage of six plots located in Kantabada mouza under Chandaka police station.

 However, the accused knowingly did not make any repayment after availing of the loan.

“As on registration of the case, the loan was outstanding to the tune of about Rs 4.8 crore including interest. It has also been transpired that while the properties were in the mortgage, the accused borrower during the year 2011-12 in criminal conspiracy with others had sold two plots to six different persons by executing registered sale deeds without the knowledge of the bank,” the EOW said in a statement.

The EOW stated that It has also been found out that the rest four mortgaged plots though were submerged in Jhumka Dam, Bhubaneswar, the accused borrower managed to credit those by misguiding the IDBI bank, causing wrongful loss to the public sector  bank of more than Rs 4 crore