3 weeks ago
Two Ex-Co-op Bank Officials Arrested for Misappropriating Government Funds
Some grown-ups who used to work at a bank in India did something they were not supposed to do.
The police say they secretly made fake loans using money that belonged to bank customers.
The customers had saved their money in something called fixed deposits, and they did not know the loans were being made.
This went on for several years, from 2019 to 2024.
In the end, a very large amount of money was missing.
The police arrested two people who used to work at the bank.
They think three more people who worked there helped too.
The police are still trying to find out everything that happened.
In a different town, another person who worked at a village savings group was also arrested.
That person is also accused of losing a lot of money.
Former Bahalda branch manager Dichen Kumar Mishra and former employee Malay Dutta were arrested by the Vigilance department.
They allegedly created fake loan-against-term-deposit (LATD) accounts against 24 customers' fixed deposits without their knowledge or consent.
The alleged fraud took place between 2019 and 2024 and caused a loss of Rs 64.42 lakh to the Mayurbhanj Central Cooperative Bank.
Three other bank employees are also allegedly involved, and investigation into their roles is underway.
In a separate case, former PACS secretary Mausam Behera was arrested in Balangir for financial irregularities involving Rs 22.19 lakh.
- Who
- Dichen Kumar Mishra (former manager) and Malay Dutta (former employee) of the Mayurbhanj Central Cooperative Bank, arrested by the Vigilance department; Mausam Behera in a separate case.
- What
- Arrests for allegedly misappropriating government funds by fraudulently creating loans against customers' fixed deposits.
- Where
- Bahalda branch of the Mayurbhanj Central Cooperative Bank in Odisha, India; separate case in Balangir district.
- When
- The alleged fraud occurred between 2019 and 2024; arrests were announced by officials after the investigation.
- Why
- The accused allegedly siphoned off funds, causing a loss of Rs 64.42 lakh by creating fake loan accounts without customers' knowledge.
Key facts
- Arrested officials
- Dichen Kumar Mishra (former manager) and Malay Dutta (former employee)
- Bank involved
- Mayurbhanj Central Cooperative Bank Ltd, Bahalda branch
- Loss amount
- Rs 64.42 lakh
- Affected fixed deposits
- 24
- Modus operandi
- Fake loan-against-term-deposit (LATD) accounts created without customer consent
- Fraud period
- 2019 to 2024
- Other accused
- Three other bank employees allegedly involved
- Separate case
- Mausam Behera, former PACS secretary in Balangir, arrested over Rs 22.19 lakh irregularities










