You are here: Home » PTI Stories » National » News
Business Standard

Four arrested for misappropriating Rs 2 crore from rural bank

Press Trust of India  |  Bhubaneswar 

Economic Offences Wing (EOW) of Crime Branch of Saturday arrested four persons including a woman on charge of misappropriating Rs 2 crore from a

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

The accused were identified as Prasanna Kumar Jena, the former of bank's Rasulgarh branch, Bikram Keshari Pradhan, his wife 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 had availed two loans - one of Rs 41.70 lakh and another of Rs 36 lakh for purchasing two commercial vehicles, while his wife had taken a loan of Rs 9 lakh for purchasing one. Madan had taken Rs 40 lakh loan.

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

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, November 10 2018. 20:40 IST