CUTTACK: The anti-corruption wing of State police has unearthed a major fraud in the Cuttack Urban Cooperative Bank involving some senior executives and a former president of the Bank. The vigilance sleuths have also arrested a former director and a former CEO of the bank in this connection while investigating into the role of former president and BJP leader Sajjan Sharma in the fraud.
The vigilance police have detected massive irregularities in the One-time settlement (OTS) scheme of the bank in which many loanees of the bank, including the former director Gautam Samal, have tried to dupe the bank by taking heavy loans.
According to sources, Samal had taken two loans of Rs. 12 lakh from the bank and soon turned out to be a defaulter by not paying any instalments.
Subsequently Samal, taking leeway of the OTS scheme, wanted to getaway with paying only Rs. 3 lakhs towards his loan and interest.
source : The Hindu 29.03.2010
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