Bhubaneswar: The Economics Offences Wing (EOW) on Monday arrested another accused Md Iftekhar Asif Khan in the Urban Cooperative Bank, Cuttack loan fraud.
Khan was arrested by the EOW from Cuttack under sections 409, 420, 467, 468, 471 and 120B of the IPC.
According to an official press release, the EOW in April this year had registered a case on the allegation of Priyabrata Panda, Chief Executive Officer, Urban Cooperative Bank Ltd., Cuttack that from 2019-21, the Ex-Branch Manager of Nuapatna Branch and Ex-Sr. Assistant in conspiracy with three loanees including Md. Iftekhar Khan had sanctioned 25 loans against fake LIC policies, out of which eight of the loans amounting to Rs 4.13 crore could not be recovered Sk. Abdul Hayee was the Branch Manager of Urban Cooperative Bank Ltd., Nuapatna Branch whereas Prakash Kumar Mohapatra was the Sr. Assistant.
Both in conspiracy with the loanees namely Md. Mustakim Raza, Md. Sarfaraj Jawed and the arrested accused Md. Iftekhar Asif Khan had fraudulently sanctioned 25 No. of loans against the security of fake/forged LIC policies. Further, they went on renewing the loans by sanctioning new loans.
The arrested accused Md. Iftekhar Asif Khan had availed three loans amounting to Rs 47 lakhs against one LIC policy showing him as the life assured whereas actually, the policy stands in the name of one Pawan Kumar Gupta. Again, the same policy has been given as security by all three loanees by changing their names as life assured.
Earlier, three accused persons namely Sk. Abdul Hayee, Prakash Kumar Mohapatra and Md. Mustakim Raza were arrested in this case.
Further investigation in the case is underway.
