The Economic Offences Wing (EOW) of the Odisha Crime Branch has arrested a former branch manager of UCO Bank in connection with an alleged loan fraud involving more than ₹3.25 crore. Investigators allege that the accused fraudulently sanctioned fake car and business loans between 2021 and 2025, causing substantial financial losses to the bank. He was arrested from Trisulia in Cuttack.
According to the EOW, the accused, Siba Prasad Das, allegedly committed the fraud while serving as the head of UCO Bank’s Old Secretariat branch and later the Salepur branch. The alleged irregularities came to light during an internal review around two months ago, following which he was placed under suspension.
The investigation began after a complaint was lodged on June 19 by the Deputy General Manager and Zonal Head of UCO Bank, Cuttack. The complaint alleged that the accused manipulated official records and documentation to sanction 24 loans—22 vehicle loans and two business loans—with a combined value of ₹3,25,43,000.
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During the investigation, EOW officials allegedly found that fabricated quotations for vehicle purchases had been prepared and used to obtain approval and disbursement of car loans. Investigators further alleged that several loans were sanctioned for vehicles that had already been purchased by falsely presenting them as new vehicles.
The agency also claims that copies of CIBIL reports were tampered with and forged registration certificates, KYC documents, insurance papers, salary slips, and other vehicle-related records were created to facilitate the processing and disbursement of the loans. According to investigators, these allegedly forged documents helped bypass the bank’s internal verification procedures.
Preliminary findings further suggest that the entire loan amount of more than ₹3.25 crore was allegedly transferred into the accused’s personal bank accounts. The EOW alleges that savings accounts were opened in the names of certain borrowers without obtaining the mandatory KYC documentation, solely to facilitate the repayment mechanism for the fraudulently sanctioned loans.
Investigators further allege that the instalments deposited into those accounts were funded by the accused himself, creating the appearance that the borrowers were regularly servicing their loan obligations. According to the agency, this arrangement was intended to conceal the true source of the repayments and prolong the concealment of the alleged fraud.
The EOW stated that, of the 24 allegedly fraudulent loans, 16 loans worth more than ₹1.85 crore were sanctioned during the accused’s tenure at the Salepur branch, while eight loans worth over ₹1.39 crore were approved during his posting at the Old Secretariat branch.
During searches, investigators seized 24 loan files, forged salary slips, fabricated vehicle quotations, and other documents believed to be connected to the case. These materials are being subjected to forensic examination to establish the full extent of the alleged fraud and identify any additional individuals who may have been involved.
The EOW said the investigation remains ongoing and authorities are examining whether any other bank officials, intermediaries, or external individuals played a role in the alleged fraud. Officials stated that further legal action will be based on the findings of the financial investigation, forensic analysis, and other evidence collected during the probe.
