Businessman held by EOW for availing loan fraudulently

Businessman held by EOW for availing loan fraudulently

Bhubaneswar: The Economic Offences Wing, Bhubaneswar, on Tuesday arrested a businessman for availing loan in a fraudulent manner causing loss to IDBI Bank to the tune of Rs 4.80 crore. The EOW sources here said Narendra Kumar Sahu, proprietor of M/s R K Timber, Bhubaneswar, was arrested and forwarded to the court of SDJM.
Sahu was arrested following a complaint by Asit Kumar Parhi, Senior Regional Head of IDBI Bank, Janpath, Bhubaneswar in August 2020. Investigation revealed that a Cash Credit loan of Rs 80 lakh was sanctioned in favour of Sahu by IDBI Bank, Janpath in 2009 against mortgage of six plots located in Mouza, Kantabada under Chandaka police station.
However, after availing of the loan, the accused wilfully did not make any repayment. During the time the case was registered, the loan was outstanding to the tune of about Rs 4.80 crore, including interest. It transpired that while the properties were mortgaged, the accused, in 2011-12, in criminal conspiracy with others, had sold two plots to six different persons without the knowledge of the bank. It was ascertained that the rest four mortgaged plots were submerged in Jhumka dam, Bhubaneswar, but by misleading the bankers, the accused managed to mortgage these plots causing loss to the tune of more than Rs 4 crore to the public sector bank.

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