Odisha: Bank manager arrested for misappropriating Rs 8 crore

Bhubaneswar: The manager of a public sector bank was arrested in Odisha's Kandhamal district for allegedly misappropriating Rs 8 crore, officials aid.

The accused, identified as Ashutosh Acharya, was arrested from Cuttack on April 5 and he will be produced before SDJM Court, Phulbani shortly.

A case was registered by the Economic Offences Wing (EOW) of the Odisha Police against the accused deputy manager on the basis of a complaint filed by the regional manager of the bank, they said.

The deputy manager, posted in Phulbani, was accused of illegally recommending and processing 59 'Xpress Credit' loans meant for the salaried person to non-salaried people, and 26 pension loans meant to non-pensioners, they added.

He allegedly misappropriated the loan amount of Rs 8.01 crore by transferring the money to the account of his family members, Deputy Superintendent of Police (EOW) Dilip Tripathy said.

The loans were sanctioned on the basis of the recommendation of the accused, based on forged documents such as salary slips, he said "The accused is highly ambitious and was trying to make easy money by investing the loan amount in some other profitable businesses," Tripathy said.