Four arrested for misappropriating Rs 2 crore from rural bank

Economic Offences Wing (EOW) of Crime Branch of Odisha Police Saturday arrested four persons including a woman on charge of misappropriating Rs 2 crore from a regional rural bank.

The arrests were made on a complaint by the regional manager of the rural bank, Odisha Gramya Bank (OGB), the police said.

The accused were identified as Prasanna Kumar Jena, the former branch manager of bank's Rasulgarh branch, Bikram Keshari Pradhan, his wife Rajalaxmi Pradhan and Madan Mohan Pradhan.

The four have been arrested under Indian Penal Code sections 420 (cheating), 406 (criminal breach of trust), 467 (forgery), 468 (forgery for the purpose of cheating), 471 (using as genuine forged document) and 120-B (criminal conspiracy.

According to the complaint, the four accused availed Rs 2.02 crore loan on the pretext of buying vehicles by producing fake documents. After availing the loan they misappropriated the amount.

The complaint said that Bikram Keshari Pradhan had availed two loans - one of Rs 41.70 lakh and another of Rs 36 lakh for purchasing two commercial vehicles, while his wife Rajalaxmi Pradhan had taken a loan of Rs 9 lakh for purchasing one. Madan Mohan Pradhan had taken Rs 40 lakh loan.

Prasanna Kumar Jena, the former branch manager of the bank, was arrested for allegedly helping the trio to forge the documents to avail the loans, the police said.