Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Police Wednesday arrested a couple from the city’s Patia area for fraudulently obtaining a loan of Rs 1.30 crore from a private bank.
The arrested persons, Ashirbad Pattnaik and his wife Manogyan, availed the loan by mortgaging property they had already used as collateral for another loan. According to the EOW, the couple had taken a loan of Rs 1.05 crore from the Cuttack Link Road branch of ICICI Bank, with an outstanding amount of Rs 1.30 crore as of January 2025.
Police said they had mortgaged two flats and a duplex to obtain this loan, which were already mortgaged for a Rs 3.79 crore loan they had taken from the Indian Bank in 2018.
Ashirbad, who ran a proprietorship firm ‘AB Solutions,’ had secured the original loan of Rs 3.79 crore from Indian Bank in January 2018, police said.
In October 2018, the couple used the same property to obtain the ICICI Bank loan. During the course of their fraudulent activities, Ashirbad sold one of the mortgaged flats, while the remaining property were seized by Indian Bank due to their failure to repay the earlier loan, police added.
The EOW’s investigation revealed that ICICI Bank incurred a wrongful loss of Rs 1.3 crore. Officials seized numerous fake sale deeds and loan documents during the investigation.
PTI