CBI nets two in gold loan fraud
Odisha Gramya Bank has stopped giving jewel loans at all its 476 branches across the state for the time being.
May 25, 2013
Source : The Times Of India


BHUBANESWAR: The Central Bureau of Investigation (CBI) here on Friday arrested suspended manager of Odisha Gramya Bank's Dumduma branch Kalindi Charan Nayak and builder Ratikanta Kanungo in connection with the Rs 13.22 crore fake gold loan fraud.

Nayak and Kanungo were detained by the CBI following raids on their houses on Thursday. Kanungo allegedly connived with Nayak and pressurized five people to avail the gold loans by mortgaging fake gold, CBI officials said. While four loanees were customers of the bank, the fifth man did not have an account in the bank. The bank has the provision of sanctioning loans to non-account holders, sources said.

The five people, who were close associates of Kanungo, mortgaged gold-coated aluminum and availed the loans between December, 2012 and March, 2013. The CBI has launched manhunt to arrest the five loanees and bank's jewel appraiser Manabhanjan Sahoo.

Nayak, who was brought to Capital Hospital for medical examination after his arrest, defended himself and said the gold was real. "I do not know how the gold, mortgaged by the five loanees, turned out to be fake. I trusted the report of the jewel appraiser," Nayak said. He evaded questions relating to his alleged connivance with Kanungo. "CBI would investigate it," Nayak said.

A CBI court here rejected the bail pleas of Kanungo and Nayak and the agency to take the duo on seven-day remand for interrogation. "During interrogation we would try to establish their modus operandi and recover the money," said a CBI officer.

The bank authorities are apprehensive about recovery of the loans. "We had asked the Dumduma branch to serve notices to the five loanees to return the money. But we learnt that the five people gave all the money to the builder and former branch manager. We hope the CBI recovers the amount," said a bank officer.

Shaken by the fraud, the Odisha Gramya Bank has stopped giving jewel loans at all its 476 branches across the state for the time being. "We are reassessing the security measures for preventing recurrence of such offence. The service would resume soon," general manager of the bank's vigilance wing S K Mishra told TOI.

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