SBI Deputy Manager arrested for Rs.8 crore fraud in Odisha

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The Economic Offences Wing (EOW) of the Odisha Crime Branch has arrested a deputy manager of the State Bank of India (SBI)’s Phulbani branch on the charges of cheating and misappropriating Rs 8 crore.

The accused, identified as Ashutosh Acharya, was arrested from Cuttack on April 5 and he will be produced before SDJM Court, Phulbani shortly. Acharya who was working as deputy manager cum-field officer of SBI, Phulbani branch was arrested based on the complaint filed by SBI Regional Manager, RBO, Phulbani.

Senior EOW officials said that Acharya had recommended and processed 59 Xpress Credit Loans meant for the salaried person and 26 pension loans meant for the pensioners to the non-salaried persons and non-pensioners. Acharya had allegedly misappropriated the loan amount of Rs 8,01,87,000 by transferring the same to the account of his family members, relatives and others.

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Between September 2021 and September 2022, Acharya had processed 59 Xpress credit loans amounting to Rs 6,77,30,000 meant for the salaried persons to the non-salaried persons. Similarly, 26 pension loans amounting to Rs 99,82,795 meant for the pensioners were illegally processed and recommended by the accused in favour of the non-pensioners including his father, mother and father-in-law (dead), EOW SP Dilip Tripathy said.

The loans were sanctioned on the basis of the recommendation of the accused based on the manufacture and use of forged documents like salary slips etc. The EOW said that the accused is highly ambitious and was trying to make easy money by investing the loan amount in some other profitable business.

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