Bhubaneswar: The Directorate of Enforcement (ED) has arrested a man from New Delhi in connection with a bank loan fraud case in Odisha worth over Rs 180 crore.
The accused, Balbir Singh Malhotra, a resident of Delhi, was apprehended on Thursday under the Prevention of Money Laundering Act (PMLA), 2002. According to the ED, Bhubaneswar Zonal Office, Malhotra worked with an Odisha-based person to divert loan funds sanctioned for a brewery project.
“The accused person’s firm received 80 per cent of loans meant for a brewery project,” an ED official said. The fraud caused a loss of more than Rs 180 crore to two state-run banks based in Odisha, the official added.
The central agency has obtained six-day remand of the accused for further investigation.
