Gold Goes Faux: Rural Bank Officials Suspended in Loan Fraud Scandal

Two officials from Odisha Gramya Bank's Jaraka branch were suspended for a fraudulent loan scheme involving Rs 42 lakh and counterfeit gold. The fraud, uncovered during a routine inspection, led to a police investigation against ten individuals, including seven loanees and the bank's former gold appraiser.

Two officials from Odisha Gramya Bank's Jaraka branch have been suspended amidst allegations of a loan fraud worth over Rs 42 lakh, involving counterfeit gold, according to sources.

The officers, identified as Satabdee Pradhan and Pratibha Mishra, are accused of facilitating loans by falsely mortgaging gold. The irregularity was discovered during a routine inspection, prompting the bank to take immediate action.

Regional manager Dig Bijay Bahadur Das filed a formal complaint, resulting in a police case against ten individuals, including the seven loanees connected with the appraiser. "The investigation is ongoing, and arrests are forthcoming," stated Inspector Tapan Kumar Nayak.

(With inputs from agencies.)