IDBI Assistant Manager Apprehended By EOW For Bank Fraud Of Rs 3.70 Cr In Odisha 

Raipur: The Economic Offences Wing in Bhubaneswar arrested an Assistant Manager of IDBI Bank in Raipur, Chhattisgarh, regarding the misappropriation of public funds. Identified as Tanmay Kumar Maharana, formerly an Asset Officer and now an Assistant Manager at the IDBI Bank’s Dandamukundapur Branch in Pipili, he was arrested on 06.03.2024 under EOW PS Case No.03 dated 29.02.2024, for offenses under sections 409/420/467/468/471/120-B IPC.

Tanmay Maharana was presented before the JMFC Court in Raipur and is being transferred under transit remand to the Designated Court under the OPID Act in Cuttack on 07.03.2024.

The case was initiated following allegations by Sandeep Pattnaik, General Manager of IDBI Bank, Bhubaneswar. It was alleged that Shri Sarojkanta Mohapatra, the former Branch Head and Tanmay Kumar Maharana, the former Asset Officer of the IDBI Bank’s Dandamukundapur Branch, illicitly approved 35 fictitious loans, primarily MUDRA loans, totaling Rs. 3.70 Crore, mostly benefiting their relatives or acquaintances.

Investigation revealed that government funds of Rs. 3.7 Crore were deposited into two bank accounts of the Block Development Officer (BDO) in Pipili, managed by IDBI Bank. Following the bank’s advice, BDO issued seven “Yourself” cheques in 2018, supposedly for Flexi Fixed Deposit (FFD), but the funds were misused.

Further inquiry uncovered that the accused bank officials fraudulently created and disbursed 35 fictitious MUDRA loans without the knowledge or consent of the purported beneficiaries. These loans were then diverted to a single account, and subsequently, to avoid detection, the loans were closed with false representations to the BDO regarding deposit into the Flexi Account.

Tanmay Maharana, in collusion with the Branch Manager, orchestrated this scheme, creating fake loan accounts and diverting funds for personal gain. The loan recipients never applied for nor received the loan amounts. The accused bank officials have been suspended pending further investigation, as the probe into the matter continues.