Bhubaneswar, Sept. 3 -- Economic Offences Wing (EOW) of the OdishaCrime Branch arrested former Union Bank of India manager Satyabrata Bhoi on Monday in connection with an alleged Rs 2.12 crore fraud involving fake gold loans.

According to The New Indian Express, Bhoi allegedly sanctioned and disbursed 100 gold loans worth more than Rs 2 crore against spurious or fake gold ornaments. The loans were allegedly processed without proper documentation, resulting in the misappropriation of the funds and wrongful loss to the bank.

The matter came to light after Bhoi was suspended a few months ago. Following this, Asutosh Susil, regional head of Union Bank of India's regional office in Balasore, lodged a complaint with the EOW.

Based on the com...