Balasore, Odisha: In a significant crackdown, the Economic Offences Wing (EOW) of Odisha arrested Vinay Sonkar, a former Manager of Punjab National Bank (PNB), Circle Office, Balasore, on charges of financial fraud amounting to ₹1.23 crore. The arrest took place in Burdwan, West Bengal, on December 6, and Sonkar was presented before the OPID (Odisha Protection of Interests of Depositors) Court in Balasore on Saturday.
The case stems from a complaint filed by Mrinal Kanti Mohanti, Chief Manager of PNB Balasore, alleging that Sonkar orchestrated fraudulent transfers during his tenure at the Circle Office. The accused had allegedly directed the Balasore Branch Manager to transfer funds to unauthorized accounts under false pretenses.
How the Fraud Unfolded
According to the EOW, Sonkar served as the Manager of PNB Circle Office, Balasore, from August 31, 2020, to June 4, 2022. He was in charge of the General Services Administration Department (GSAD) and also managed the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), a government-backed initiative aimed at providing credit support to small businesses.
During this period, Sonkar is accused of issuing fraudulent letters to the Branch Manager of PNB Balasore, instructing them to transfer ₹1,23,12,236.01 from the branch’s accounts in multiple phases. The funds were reportedly misappropriated from the CGTMSE and TA Bill accounts maintained by the Circle Office.
In total, the branch processed 26 transactions to various unauthorized accounts specified by Sonkar. Instead of channeling the credit guarantee funds into the designated CGTMSE account, which is intended to support loans for economically disadvantaged individuals under government schemes, Sonkar redirected the money to personal accounts.
Past Offenses Unearthed
EOW officials further revealed that Sonkar had committed a similar fraud in 2022 while serving as Manager of PNB’s Rishra Morepukur Branch in Hooghly, West Bengal. In that instance, he embezzled ₹80 lakh, prompting PNB authorities to terminate his employment on March 28, 2024.
Complaint and Arrest
The current case came to light after Mrinal Kanti Mohanti filed a detailed complaint with the EOW. Based on preliminary investigations, Sonkar’s fraudulent activities were corroborated, leading to his arrest in Burdwan.
“The accused issued instructions to transfer a substantial sum of ₹1.23 crore in 26 separate transactions to accounts he personally identified. He manipulated funds meant for the welfare of small enterprises and redirected them for personal gain,” an EOW official stated.
Legal Action
Sonkar has been booked under various sections of the Odisha Protection of Interests of Depositors Act (OPID) and the Indian Penal Code. He was presented before the OPID-designated court in Balasore, where the judiciary will decide the further course of action.
Implications of the Fraud
The alleged misuse of CGTMSE funds has raised serious concerns about the integrity of financial operations within banking institutions. These funds, intended to aid small businesses under government-backed schemes, play a crucial role in empowering economically weaker sections of society. The diversion of such funds not only disrupts developmental initiatives but also erodes public trust in the banking system.
The investigation is ongoing, with the EOW focusing on identifying other individuals who may have been involved in the fraud. Bank officials assured that steps are being taken to recover the misappropriated funds and tighten internal controls to prevent similar incidents in the future.
This case underscores the importance of stringent monitoring and accountability within the financial sector, as the repercussions of such fraudulent activities extend far beyond monetary losses.
-
-
-
-
-
-
-
-
-
-
