The Economic Offence Wing of Crime Branch on Tuesday conducted a raid at Kalabuda village and arrested Sarat Chandra Sahu, a teacher of Kalabuda Panchayat High School in connection with a bank fraud.
The fraud worth crores of rupees had taken place in Grammya Bank under Bilahat branch of Cuttack in the year 2011-12, informed sources.
It may be noted here that about 148 persons managed to get loan amount of Rs2.96 crore sanctioned and disbursed fraudulently under the KGB personal loan scheme in 2011-12.
later, a case was registered at the EOW of Crime Branch office.
The EOW during an investigation found that the loans were sanctioned by accepting forged documents and showing the beneficiaries as teachers of different schools.
The EOW had earlier arrested four persons, including a former Branch Manager, a field officer of the bank, and a couple of teachers from Patkura locality. With the arrest of Sahu, the EOW arrested 12 persons in the multi-crore scam.