Khurda: The Economic Offences Wing (EOW) today arrested a man for allegedly availing loan from Allahabad Bank in Bhubaneswar by furnishing forged documents.
The arrested person has been identified as Devraj Subudhi of Banapur Bazar Sahi in Khurda district.
According to EOW, the Subudhi availed loans by submitting fake documents of land as surety and subsequently misappropriated the loan amount.
Following this, Babita Sar, the Chief Manager, Allahabad Bank in Station Square Branch had lodged a complaint with police in this regard. Police have registered a case and launched a probe into the matter.
During the investigation, it was revealed that accused, Devraj Subudhi, along with Narayan Senapati availed two loans, one of Rs 60 lakhs as cash credit loan and another Rs 40 lakhs as term loan for manufacturing and trading of polythene bags and packaging material for Vishal Polymers.
Subsequently, they did not repay the loan amount and the loans turned into an outstanding amount of Rs 1,45,79,245.
The accused has been charged under relevant Sections of the IPC and further investigation into the matter is underway, the officials said.