An Indian Overseas Bank (IOB) DGM was nabbed from Bengaluru by the State Crime Branch’s Economic Offences Wing (EOW) on Monday and produced before a court here on for his alleged involvement in a loan fraud.
The EOW arrested IOB DGM Bimadhara Swain from Bengaluru two days ago on charges of approving loan of Rs 1.08 crore with forged documents. Swain, presently posted at the IOB Regional Office in Bengaluru, was arrested on Saturday and brought here on transit remand. He was produced before SDJM court here.
EOW sources said Swain had had sanctioned Rs 1 crore cash credit (CC) loan along with Rs 8 lakh car loan to one Ashutosh Mishra in 2010 by accepting fake and forged documents from him, while the former was posted as Branch Manager at Rasulgarh branch.
The then Chief Regional Manager of IOB, Bhubaneswar, S Umapathi, had lodged a complaint in this regard with the EOW following which a case was registered on May 9, 2014, under Sections 420, 406, 467, 468, 471 and 120 (B) of IPC. The loanee Asutosh Mishra was arrested earlier on July 21, 2014 and forwarded to court.