Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Police has arrested three bank officials in connection with an alleged loan fraud involving outstanding dues of Rs 6.88 crore, linked to the fraudulent sanctioning of personal loans at multiple branches of the State Bank of India (SBI) in Bhubaneswar.
The accused — Baishakhi Saha, Charubala Dandasena and Sarita Paikaray — were arrested Tuesday in connection with EOW Police Station Case No. 08 dated May 5, 2026, registered under Sections 409, 420, 467, 468, 471 and 120B of the IPC for alleged criminal breach of trust, cheating, forgery and criminal conspiracy.
Earlier, the EOW had arrested alleged middleman Smruti Ranjan Mohanty in connection with the case for allegedly arranging borrowers using forged documents. He was arrested May 20 and is currently in judicial custody. The case was registered on the basis of a complaint filed by SBI Regional Business Office Manager Shiba Sundar Sahoo.
Investigators alleged that, as part of a criminal conspiracy, 282 Xpress Credit loans amounting to Rs 13.92 crore were fraudulently processed and sanctioned between May 2022 and November 2023 across SBI branches at Rail Vihar, Fortune Tower, Patia and Damana.
The loans were allegedly sanctioned on the basis of forged salary certificates, fake employment records, fabricated bank statements and KYC documents purportedly linked to employees of companies including Tata Steel, TPCODL, Vedanta, Dhamra Port and Aarti Steels. Investigators said several borrowers later defaulted on EMI payments, causing the accounts to turn into Non-Performing Assets (NPAs), with outstanding dues amounting to Rs 6.88 crore.
After arresting the accused, EOW officials seized several incriminating documents from their possession and produced them before the designated OPID Court-cum-Special Court for EOW in Cuttack. Further investigation into the case is underway.
