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Finance Company Employee, Brother Arrested For Rs 1.43 Cr Loan Fraud

01 December 2019


Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Crime Branch has arrested Executive of Balasore Branch of Sundaram Finance Ltd, Sashi Kanta Sahoo (31), and his brother Srikanta Sahoo (30) on charges of loan fraud amounting to Rs 1.43 crores.

Reportedly, Territory Manager of M/s Sundaram Finance Ltd, V. Kishore Kumar, had lodged a complaint with the EOW alleging Sashi, by entering into criminal conspiracy with others during the year 2018-19, had fraudulently disbursed an amount of Rs 1.43 crores against sanction of 11 numbers of loans to nine loanees for purchase of Kartar Harvesters in a fraudulent manner by preparing forged documents.

The sanctioned amount of four loanees amounting to Rs 45 lakhs was disbursed to the account of M/s Hanumanjew Furnitures and the rest amount of seven loanees was disbursed to the account of M/s Utkal Enterprises, falsely showing them as dealers of M/s Kartar Agro Industries Pvt. Ltd.

Investigation revealed that a forged letter was prepared and used by accused person Sashi to show that aforementioned two firms M/s Hanumanjew Furnitures and M/s Utkal Enterprises were appointed as Dealers by M/s Kartar Agro Industries Pvt. Ltd. and said forged letter was used for sanction and disbursal of loan amount to the accounts of aforementioned two firms.

Accused Sashi entered in to a conspiracy with Proprietors of these firms and prepared forged documents such as Quotations, Money Receipts, Tax Invoice and made fictitious transaction showing purchase of Harvesters from these firms, though Harvesters for which the loan was disbursed, were never purchased.

Investigation further revealed that, Srikanta is the Proprietor of M/s Hanumanjew Furnitures and his firm has received an amount of Rs.45 lakhs, for selling four Kartar Harvesters. It is also ascertained that he is the brother of accused Sashi, who sanctioned and disbursed an amount of Rs 1.43 crores to the accounts of aforementioned two firms, which was being managed by his brothers, by creating forged documents and using the same as genuine.

Both Sashi and his brother Srikanta were arrested from Bhadrak on November 30. Their business premises cum dwelling house were searched and many incriminating documents were seized.