The Crime Branch’s Economic Offences Wing (EOW) on Sunday arrested a businessman of Khordha for allegedly submitting fake mortgage documents and subsequently availing a loan from the Allahabad Bank here.
As per reports, the accused Devraj Subudhi along with Narayan Senapati, both partners of the Vishal Polymers, had availed Rs 60 lakh as cash-credit loan and Rs 40 lakh as term loan for manufacturing and trading of polythene bags, packing materials in 2010 from the Allahabad Bank’s Old Station Bazaar branch here.
At the time of availing the loan, Subudhi had given mortgage of his property located at Mouza-Banapur and Raghunathpur in Khordha but subsequently did not repay the outstanding loan amount of nearly Rs 1.45 crore.
During investigation, it was revealed that the property at Banapur had been sold by Subudhi prior to submitting it as mortgage with the bank. Similarly, fake Record of Rights was produced for the Raghunathpur mouza property.