Fraud Unveiled: Ex-Bank Manager Arrested in ₹1.27 Crore Loan Scam
In a shocking case of fraud, Subrat Kumar Nayak, a former bank manager, was arrested in Bhubaneswar for allegedly securing a loan of ₹1.03 crore using forged documents. The loan, taken against properties owned by his deceased mother, turned into a non-performing asset, leading to a total outstanding amount of ₹1.27 crore. This incident highlights serious issues of identity fraud and financial misconduct within banking systems. Read on to discover the details of this alarming case.
| Aug 26, 2025, 20:25 IST
Loan Fraud Case in Bhubaneswar
Bhubaneswar: Authorities reported the arrest of an individual in Bhubaneswar on Tuesday, linked to a loan fraud totaling ₹1.27 crore.
The Economic Offences Wing (EOW) of the state police apprehended Subrat Kumar Nayak, aged 55.
On November 30, 2017, Nayak secured a loan of ₹1.03 crore from the Bomikhal branch of ICICI Bank, using three plots as collateral.
This loan later turned into a non-performing asset (NPA), accumulating an outstanding amount of ₹1.27 crore, which includes interest, according to officials.
The properties were registered under Nayak's deceased mother, who passed away in November 2016. He allegedly impersonated her and utilized forged documentation to obtain the loan.