Bank official held for fraudulent loan sanctions

The Economic Offence Wing of Odisha Police has arrested a deputy general manager of Indian Overseas Bank from Bengaluru in a 2010 case relating to fraudulent loans sanctions.
The bank official, Bimbadhara Swain, was produced before the Bhubaneswar Sub Divisional Judicial Magistrate's Court today and remanded to judicial custody for 14 days.
Swain was arrested on October 21 and produced in the court of 8th Additional Chief Metropolitan Magistrate, Bengaluru and brought to Odisha on transit remand, EOW sources said.
He had allegedly sanctioned a cash credit loan of Rs one crore and a car loan of Rs 9 lakh on the basis of forged and fake documents, while he was the branch manager of Indian Overseas Bank, Rasulgarh, in 2010.

The bank had lodged an FIR with the EOW in 2014 based on which Swain was arrested, the sources said.