One arrested in Rs 33 cr bank loan scam in Seraikela Co-Op Bank

Seraikela: A team of Crime Investigation Department (CID) Saturday arrested one Kaushal Kumar Sinha in connection with the scam worth Rs 33 crore unearthed at the Seraikela branch of Cooperative Bank.

An FIR has been lodged against Sinha, allegedly an associate of the prime accused, in this connection. Sinha was nabbed from his Kansari Tola residence in Ward No 5 of Seraikela Nagar Panchayat, sources said.

Leading the CID team, DSP Animesh Kumar Gupta said, ¨During investigation, we learnt that Kaushal Kumar Sinha had helped the prime accused transfer Rs 35.72 lakh to the bank account of his company, Sourabh Engineering Works. Out of the sum, Rs 31 lakh was transferred to the loan account of the prime accused. The remaining amount was used by Sinha.¨

The said scam had taken place between 2011 to 2016. Several bank officials had helped the accused persons misappropriate Rs 33 crore through loan. The officials had allegedly approved huge amounts in loan which had greater value than the total mortgaged property of the accused persons, sources said.

When the scam came to light, the role of several bank officials came under scanner as the borrowers turned defaulters and the loans became non-performing assets (NPAs), sources said.

An FIR was registered by Seraikela police on 22nd August last in connection with the scam.