G Ramesh (26), a contractual executive of a private bank, allegedly collected the money from several businessmen luring them with false bank schemes, offering high interest rate of 18 per cent on investment, cheap gold coins and gifts, SDPO (Parlakhemundi) Gagarin Mohanty said.
"We came to know that the accused was using fake documents to collect money from depositors," Mohanty said.
The fraud came to light when some of the depositors approached the bank and it denied having such schemes. The depositors then lodged complaints with the police.