Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Police has uncovered a sophisticated bank fraud involving a Rs 3.5 crore loan scam, leading to the arrest of five persons including a Home Guard on Tuesday.
According to an official press release, the accused have been identified as Dhananjay Prusty, Nirapada Karmakar, Surendra Kumar Beura, Niranjan Satpathy, and Rinarani Satpathy. They were arrested in connection with a case registered on February 18 this year, following a complaint by Bhabani Shankar Mohanty, Regional Manager of the State Bank of India (SBI), Regional Office, Cuttack.
The accused will be produced before the Designated Court under the Odisha Protection of Interests of Depositors (OPID) Act in Cuttack today.
The investigation revealed a meticulously planned conspiracy that began with the formation of a partnership firm, M/s Maa Ganga Enterprise, by Dhananjay Prusty and Surendra Kumar Beura on December 3, 2022. Less than a year later, on September 20, 2023, the duo resigned from the firm, transferring the partnership to Jonaki Karmakar and an individual posing as Sarat Chandra Swain. The new partners then applied for an Asset Backed Loan (ABL) of Rs 3.5 crore from SBI’s SME I.E. Branch in Madhupatna, Cuttack, by mortgaging a plot of land (Plot No. 1102, Khata No. 514/89, Mouza: Kesara, under Sahid Nagar police limits, Khurda District) purportedly owned by Sarat Chandra Swain.
However, the real Sarat Chandra Swain, the legitimate owner of the land, was impersonated by a fraudster using forged Aadhaar and PAN cards.
The accused, including Nirapada Karmakar (husband of Jonaki Karmakar) and Rinarani Satpathy (wife of Niranjan Satpathy), allegedly masterminded the scheme, forging land documents and depositing them as an equitable mortgage to secure the loan. The loan amount was subsequently diverted to accounts linked to firms controlled by Nirapada Karmakar, as well as to Niranjan Satpathy and other associates.
The fraud came to light when the real Sarat Chandra Swain attempted to sell his property to Pradeep Kumar Beuria and Birendra Kumar Mohanty. The sale proceeds were halted by SBI, exposing the scam. During searches at the accused’s residences, the EOW seized incriminating evidence, including cash worth Rs 51,100, fake Aadhaar and PAN cards, sale deeds, and even counterfeit Indian currency notes amounting to Rs 5,290 in denominations of Rs 200, Rs 100, Rs 50, and Rs 10. The counterfeit currency seizure has been reported to the Special Task Force (STF) Superintendent of Police for a separate investigation.
Interestingly, Niranjan Satpathy, one of the key accused, serves as a Home Guard with Bhubaneswar Urban Police District (UPD. A search of his rented house on Canal Road, Chintamaniswar, Bhubaneswar, also uncovered equipment for a goldsmith workshop, believed to have been purchased with the misappropriated loan funds.
The EOW continues its investigation to identify additional accomplices and trace the full extent of the diverted funds.
This case highlights the growing sophistication of financial frauds and the challenges faced by banks in verifying borrower identities and collateral authenticity.
