Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Police has arrested a former bank manager for his alleged involvement in a Rs 2.12-crore gold loan fraud involving 100 loan accounts and fake gold ornaments.
The accused, identified as Satyabrata Bhoi, the then branch manager of a public sector bank’s Joda branch, was arrested on Sunday following a complaint lodged by Asutosh Susil Kumar Patnaik, the bank’s Baleshwar regional head.
Bhoi will be produced before the designated court under the Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011, in Baleshwar, reports said.
According to the complaint, Bhoi, in connivance with other bank employees, sanctioned and disbursed 100 gold loans amounting to Rs 2.12 crore against spurious or fake gold ornaments between June 2023 and June 2024.
The loans were sanctioned and disbursed without proper documentation, the complaint stated.
Of the 100 gold loan accounts, 23 have been closed, while 76 accounts remain outstanding. The total outstanding amount in the 76 active accounts stood at Rs 1.97 crore as of August 18, 2026.
During the investigation, the EOW found that the accused allegedly sanctioned the loan amounts and credited the money to the respective borrowers’ accounts without their knowledge or consent.
The funds were subsequently transferred to other bank accounts, investigators found.
According to reports, the money was ultimately diverted to accounts linked to Bhoi and his associates. The transactions allegedly facilitated the misappropriation of the loan proceeds and an attempt to conceal the actual money trail.
The EOW is continuing its investigation into the case and the role of other persons allegedly involved in the transactions.
