A Well and Meticulously Planned Scam: EOW on Bank Loan Fraud

Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Police, which is continuing investigation into the alleged bank loan fraud by Sambad/Eastern Media Limited (EML), said that it is a huge, well & meticulously planned scam to get the loan amounts sanctioned in crores of rupees using fraudulent method of cheating, forgery and coercion.

So far many vital witnesses and victims have been examined. They corroborated the allegation of complainant and further disclosed the method and magnitude of this scam, the EOW said in a statement.

In past few days, the EOW has been able to collect/seize some credible documents including loan/ bank related relevant documents and documents seized in the Sambad office.

“Investigation/ evidences collected, so far, reveal a huge, well & meticulously planned scam to get the loan amounts sanctioned in crores of rupees using fraudulent method of cheating, forgery and coercion”, the EOW said.

More than 350 Sambad/ EML employees have taken loan from Odisha Gramya Bank, IRC village branch alone over the last few years. Loan taken from other banks like SBI and others are yet to be scrutinized. The actual figure is expected to be much higher, it stated.

“Almost all the Loan process follows the same pattern – Rs 5 Lakh Loan under easy money loan scheme of the bank, Same ground like house/ house repair, Forged salary certificate submitted by Sambad/ EML authorities”, the EOW said.

There is a huge difference (almost double) between actual salary and the salary certificate produced by Sambad/ EML authorities. It appears that Loan forms have been prepared/filled by someone else and employee/ loanee has put his/her signature only. Actually employees/ Loannes have not received single penny and have not been benefited by loan amount. Once loan is sanctioned, the amount is withdrawn in cash. The EMI to be paid is almost equal to the net salary of employee. Some employees have been forced to take loan 2-3 times too. The employees are not given salary slip. EMIs are paid by Sambad/ EML. EMI is paid in 60 installments, the EOW said.

Strangely, in many cases, EMIs are paid by Sambad/ EML even employees have left/resigned/removed from the company months before, it further stated.

It has been a continuing phenomenon (getting Loan sanctioned in this style) for years for Sambad/ EML. The pattern seems not to be just one instance or coincidence but a well thought of conspiracy and organised bank fraud, the EOW stated.

Earlier, a team of EOW has conducted search in the office of Sambad newspaper and seized some important documents related to EOW Case no 24/2023 U/S 506/467/468/471/420/120-B IPC. The case has been registered on the allegation that large numbers of employees of Sambad were forced to take personal loans under threat.

The case was registered on 16th September 2023 against Baijyanti Kar, Soumya Ranjan Patnaik and others on the report of complainant Asim Mohapatra, an ex-employee of Sambad/ Eastern Media Limited Bhubaneswar.

In the complaint, Mohapatra has made serious allegation of bank loan fraud involving cheating, forgery and criminal intimidation. The victim was allegedly forced by the accused persons to sign on some bank loan forms against his will and against his paying capacity. He was threatened that if he did not follow the dictate then he would lose his job. Under this threat and pressure he was forced to sign many blank forms/documents including some blank cheques by the accused persons. At that time he did not know the details but later came to know that a loan of Rs 5 Lakh was taken in his name but actually it was used by Sambad/ Eastern Media Limited, He did not get a single penny out of this loan. He was forced to sign for such loans on two different occasions in two different banks.

The FIR alleges that more than 300 employees of Sambad/ Eastern Media limited have been forced to sign on forged documents and about Rs 50 crore have thus been fraudulently secured by Soumya Ranjan Patnaik using these forged papers and threatening staff of Sambad.

Comments are closed, but trackbacks and pingbacks are open.