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.

Latest Realty News

Cops freeze Artha Tatwa accounts
May 25, 2013
BHUBANESWAR: Police on Friday froze 245 accounts of the controversial Artha Tatwa (AT) Group and its arrested CMD Pradip Sethi in 10 banks in the state. However, the volume of deposits in those accounts is being verified.
Developers gear up to tap ECB route for affordable housing
May 23, 2013
Those looking to buy a house with a modest budget have some reason to cheer.Several developers are planning to tap the External Commercial Borrowings (ECB) route to provide affordable houses.
RBS launches real estate services for HNIs
May 23, 2013
RBS Financial Services, a part the Royal Bank of Scotland Group, has announced the launch of Real Estate Services (RES) in India. This new initiative follows on from the launch of Wealth Planning, which was introduced last year.
Re 1 rent for 1,672 square metres in Matunga
May 23, 2013
In 1873, K S Thakkar and four others were given 2,350 square metres of land in Mazgaon for next to nothing. The lease rent was Rs 1.53 a year. The lease expired in 1972, but the collector has not bothered to renew it and meekly collects the rent set 140 years ago
Twin benefits: Save and prepay home loan
May 20, 2013
Usually, a home loan is one of the biggest liabilities. Considering the huge amount and the long tenure involved, it is advisable to repay the loan at the earliest. And, as both the Reserve Bank of India and the National Housing Bank have abolished the penalty on prepayment of home loans (for floating rate loans), it is sensible to prepay your home loan and save on interest.
Pocket-friendly homes for all
Apr 10, 2013
BHUBANESWAR: The state government is all set to create 5,000 affordable housing units in the city soon by involving private developers, housing and urban development (H&UD) secretary Injeti Srinivas said here on Tuesday.
DFID set to foray into the sector
Apr 10, 2013
Department for International Development (DFID), UK’s funding agency, is all set to foray into affordable housing sector with funding commitment of Rs. 400 crore in the country.
Affordable housing on top of Credai agenda
Apr 09, 2013
The Confederation of Real Estate Developers Associations Of India (Credai), an apex body of real estate developers with over 10,000 members across 20 State, plans to focus on affordable housing, green buildings, water harvesting and skill development programer among construction workers.
Realtors under Sebi scanner for fraudulent investment schemes
Mar 24, 2013
NEW DELHI: Suspecting investor frauds in the projects being launched by numerous real estate developers, capital markets regulator Sebi is probing them for possible violations of Collective Investment Scheme regulations.
Builders cut apartment size and price to perk up demand in dull market
Mar 22, 2013
NEW DELHI/MUMBAI/BANGALORE: Builders have begun to bring down prices to prop up home sales in an abysmally dull market, gladdening the hearts of potential buyers.

Latest Realty News Of State

Realty Talk's