Bhubaneswar: The Economic Offence Wing (EWO), Bhubaneswar, has arrested the proprietor of RK Timber Narendra Kumar Sahu on Tuesday in connection with a bank fraud case.
The EOW, on a complaint filed by the senior regional head Asit Kumar Parhi of Bhubaneswar Janpath IDBI Bank that owner of RK Timber has defrauded the bank by Rs.4.80.crore, arrested the proprietor Sahu and forwarded to the court today.
Sahu had taken a loan mortgaging landed properties in Bhubaneswar city. He the fraudulently sold some of the properties without the knowledge of the bank. Not only that he had mortagaged some properties that were already acquired by the government for the Jhumka Dam.