EOW arrests pvt firm owner for loan fraud worth crores

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Bhubaneswar: The Economic Offences Wing (EOW) of the Crime Branch on Tuesday arrested the owner of a private firm for availing loan to the tune of crores of rupees by forging documents.

The accused, Narayan Senapati (43), is the managing partner of M/s Vishal Polymers. He hails from Balugaon Patnasahi in Khurda and presently stays at Sree Omm Mansion, Jharpada, Bhubaneswar.

Senapati was arrested on the basis of the complaint of Babita Sar, Chief Manager, Allahabad Bank, Station Square Branch, Bhubaneswar.

The manager had alleged that Senapati availed loans by submitting fake/forged landed properties as sureties and subsequently misappropriating the loan amount.

The investigation revealed that the accused availed two loans, one Rs 60 lakhs CC loan and another of Rs 40 lakhs term loan for manufacturing and trading of polythene bags and packing material in the name of his firm M/s Vishal Polymers in 2010 from Allahabad Bank.

At the time of availing the loans, he had mortgaged his properties at Banapur and Reghunathpur near Nandankanan. Subsequently, the accused did not repay the loan amount and the loans turned into NPA having an outstanding amount of Rs 1,45,79,245 as on December 17, 2014.

The investigation further revealed that properties of Banapur area had already been sold prior to mortgaging it with the bank while properties of Raghunathpur stands recorded in the government’s name.

As such, the accused had deliberately with dishonest intention to misappropriate the loan amount, mortgaged the aforementioned properties as sureties to obtain loans.

He is being forwarded to the SDJM Court, Bhubaneswar. Further investigation into the case is in progress, the EOW said.

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