Bhubaneswar: A 31-year-old executive of a private finance agency and his brother were arrested from Bhadrak in connection with Rs 1.43 crore loan fraud, an official of Economic Offences Wing (EOW) told the media, Sunday.
“Sashi Kanta Sahoo, an executive of Sundaram Finance Limited in Balasore and his brother Srikanta Sahoo, 30, have been taken into custody in connection with a EOW case (20) registered November 18, 2019 under Sections 409, 420, 467, 468, 471 and 120-B of the IPC,” added the official.
About the case details, the official said that V Kishore Kumar, the territory manager of the finance agency, had approached them alleging that Sashi worked hand-in-glove with his sibling and disbursed Rs 1.43 crore by way of multiple loans for purchase of agricultural equipment on the basis of forged documents during 2018-19.
“While Rs 45 lakh was disbursed to the account of M/s Hanumanjew Furnitures, the remaining amount was disbursed to the account of M/s Utkal Enterprises, falsely showing them as dealers of agricultural equipment. The accused used forged documents like quotations, money receipts, tax invoice and made fictitious transaction showing purchase of agricultural equipment from the two firms. However, no such purchase was ever made,” the official pointed out.
The investigating agency also claimed to have stumbled upon many incriminating documents while searching the premises of the siblings.