Bhubaneswar: ED has arrested a man from New Delhi in connection with a bank loan fraud case in Odisha “worth over Rs 180 crore”, an official said Friday.
He was apprehended Thursday under the Prevention of Money Laundering Act (PMLA), 2002.
“The Directorate of Enforcement, Bhubaneswar Zonal Office, has arrested Balbir Singh Malhotra, a resident of Delhi. ED’s investigation found that he worked with an Odisha-based person to divert the loan funds,” the official said.
“The accused person’s firm received 80 per cent of loans meant for a brewery project,” the ED official said.
The fraud caused more than Rs 180-crore loss to two state-run banks based in Odisha, he said.
The central agency has obtained six-day remand of the accused for further investigation, he added.
PTI