09 February 2019
Bhubaneswar: Odisha Crime Brach’s Economic Offences Wing (EWO) has arrested one Devraj Subudhi of Khurdha in connection with misappropriating loan amount given by Allahabad Bank. He has been forwarded to the Court of SDJM, Bhubaneswar.
The instant case was registered against the accused on the written report of one Babita Sere Chief Manager, Allahabad Bank, Station Square Branch, Bhubaneswar in the matter relating to availing of loans by submitting fake/forged landed properties as sureties and subsequently misappropriating the loan amount.
Investigation revealed that the present accused Devraj Subudhi along with Narayan Senapati, both partners of M/s Vishal Polymers availed two loans, one of Rs. 60 lakhs and another of Rs.40 lakhs for manufacturing and trading of polythene bags, packing material etc. The loan had been availed in the name of the firm during the year 2010 from Allahabad Bank, Old Station Square Branch of Bhubaneswar.
At the time of availing loan he had given mortgage of his landed properties located at Mouza-Banapur and Raghunathpur under Khurdha. Subsequently, they did not repay the loan amount and the loans turned into Non Performing Assets having an outstanding amount of Rs 1,45,79,245.
Investigation further revealed that landed property in Banapur area was sold by the present accused Devraj Subudhi prior to giving mortgage with the bank. Similarly for the property in Raghunathpur, fake Record of Rights was prepared by the present accused in his name. The accused had deliberately with dishonest intention to misappropriate the loan amount, mortgaged the aforementioned properties as sureties to obtain loans.
Principal accused Narayan Senapati was earlier arrested by EOW on December 18, forwarded to court and he is still in jail custody. The investigation is in progress.