Archive · 1 Sep 2026
Odisha EOW Arrests Manager in Rs 2.12 Crore Gold-Loan Fraud
Odisha police arrested a former bank manager named Satyabrata Bhoi.
He is accused of helping approve gold loans using fake gold ornaments.
Investigators say the loans were issued without the required paperwork.
The complaint says 100 loans totaled Rs 2.12 crore.
The money was allegedly put into borrowers’ accounts without them knowing.
It was then allegedly moved to other accounts connected to Bhoi and his associates.
Officials said 23 loan accounts were closed and 76 were still outstanding.
Bhoi is expected to appear before a designated court in Baleshwar.
Odisha’s Economic Offences Wing arrested former bank manager Satyabrata Bhoi over an alleged Rs 2.12 crore gold-loan fraud.
Investigators allege that 100 gold loans were sanctioned against fake ornaments without proper documentation between June 2023 and June 2024.
The loans were allegedly approved with the involvement of other bank employees.
The EOW alleges funds were credited to borrowers’ accounts without their consent and then transferred to accounts linked to Bhoi and associates.
Officials said 23 accounts were closed and 76 remained outstanding, totaling Rs 1.97 crore as of August 18, 2026; the figures account for 99 of the reported 100 accounts.
- Who
- The Economic Offences Wing of Odisha Police arrested Satyabrata Bhoi, the former manager of a public sector bank’s Joda branch.
- What
- He is accused of helping fraudulently sanction 100 gold loans totaling Rs 2.12 crore and diverting the proceeds.
- When
- The alleged loans were sanctioned between June 2023 and June 2024; Bhoi was arrested on Sunday, according to the reports.
- Where
- The case concerns the bank’s Joda branch, while the designated court is in Baleshwar; the report was datelined Bhubaneswar.
- Why
- The EOW alleges that fake gold ornaments and inadequate documentation were used, and that loan funds were transferred to accounts linked to Bhoi and his associates.
- Accused
- Satyabrata Bhoi, the former manager of a public sector bank’s Joda branch
- Alleged amount
- Rs 2.12 crore
- Loans involved
- 100 gold loans
- Alleged period
- June 2023 to June 2024
- Account status
- Officials reported 23 accounts closed and 76 outstanding, with Rs 1.97 crore due as of August 18, 2026; these figures total 99 accounts although 100 loans were reported.
- Court and law
- Baleshwar designated court under the Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011
- Case complainant
- Asutosh Susil Kumar Patnaik, the bank’s Baleshwar region head
