Bhubaneswar: Economic Offences Wing (EOW), Bhubaneswar, on Tuesday arrested accused Md. Sarfaraj Jawed from Bhubaneswar in connection with a load fraud case registered with the EOW police station.
The arrested accused will be produced before the OPID Court, Cuttack, on Wednesday. He had fled to the Midnapore district of West Bengal and was hiding for long.
The case was registered following a complaint by Priyabrata Panda, Chief Executive Officer, Urban Cooperative Bank Ltd., Cuttack, who alleged that the former branch manager of the Nuapatna branch and former Senior Assistant in conspiracy with three loanees including Md Sarfaraj Jawed had sanctioned 25 loans against fake LIC policies from 2019-21. Eight of these loans amounted to Rs 4.13 and it could not be recovered.
Sk Abdul Hayee was the branch manager of Urban Cooperative Bank Ltd., Nuapatna branch, while Prakash Kumar Mohapatra was the Senior Assistant. Both in conspiracy with the loanees namely Md. Mustakim Raza, Md. Iftekhar Asif Khan and the arrested accused Md. Sarfaraj Jawed had fraudulently sanctioned 25 loans against the security of fake/forged LIC policies. Furthermore, they went on to renew the loans by sanctioning new loans.
The arrested accused Md. Sarfaraj Jawed had availed four loans amounting to Rs 1,58,65,000 against four LIC policies showing him as the life assured whereas actually policies stand in the name of many different persons including Pawan Kumar Gupta, Rajendra Kumar Sahoo, and Sarfaraj Dilawar.
Some of these policies have also been given as security by all three loanees by changing their names as life assured.
Earlier, four accused persons, namely Sk. Abdul Hayee, Prakash Kumar Mohapatra, Md. Mustakim Raza and Md. Iftekar Asif Khan were arrested in connection with this case.
Investigation into the case is underway.
