Bhubaneswar

OAS officer among three held for Rs 30-crore fraud

PNS

 The Economic Offences Wing (EOW) of the Crime Branch on Wednesday arrested three former officers of the city-based Urban Cooperative Bank, including an Odisha Administrative Service (OAS) officer on the charges of defrauding the bank of Rs 30 crore. OAS officer Bharat Bhusan Jagdev, the then Urban Cooperative Bank Secretary, and two former Managers Shantanu Mohanty and Udayanath Sahu were forwarded to court. Jagdev is now serving as an Under Secretary at the Secretariat. Crime Branch ADG Bijay Kumar Sharma said the trio had defrauded Rs 30 crore from the bank by extending loans to their relatives using forged documents. He informed that the investigating agency would appeal to the court for their remand. In 2015 when the bank closed down totally due to bankruptcy, the State Government had ordered a Crime Branch probe in the matter. A fraud to the tune of Rs 117 crore was detected during the audit. Registering two cases, the Crime Branch had started probe. ADG Sharma said the loanees would be examined. “Initially, we found the complicity of the three arrested persons in the fraud case. Now, we have started examining the documents of loanees individually. We hope that more arrests will be made in near future,” said Sharma.