Bhubaneswar, Aug. 26 -- The Economic Offences Wing (EOW) of the Odisha Crime Branch has arrested the prime accused in the Rs.1.27 crore ICICI Bank fraud case.
According to EOW sources, the accused, Subrat Kumar Nayak (55), a resident of Laxmisagar, Bhubaneswar, had availed a loan of Rs.1,03,00,000 on November 30, 2017, from the ICICI Bank's Bomikhal branch.
The loan was sanctioned against an equitable mortgage of three landed properties registered in the name of his mother, Ramamani Nayak.
However, during recovery proceedings, the bank discovered that Ramamani Nayak had already passed away in 2016, a year before the loan was sanctioned.
It was revealed that Subrat had impersonated his deceased mother and submitted forged documents to av...