Bhubaneswar, May 26: The Economic Offences Wing (EOW) of Odisha Police has uncovered a massive loan fraud racket involving crores of rupees, exposing deep-rooted irregularities within several branches of the State Bank of India (SBI).

Acting on detailed investigations, EOW arrested three women bank officials — Baishakhi Saha, Charubala Dandasena, and Sarita Paikaray — for their alleged involvement in sanctioning fraudulent loans worth over ₹6.88 crore.

The scam revolved around fake salary certificates, forged bank statements, and manipulated KYC documents used to secure loans in the names of unsuspecting individuals.

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Investigators revealed that between May 2022 and November 2023, four SBI branches in Bhubaneswar — Rail Vihar, Fortune Tower, Patia, and Damana Square — sanctioned 282 express credit loans amounting to ₹13.92 crore.

The fraudsters posed as employees of reputed companies such as Tata Steel, Vedanta, TPICODL, and Dhamra Port, submitting counterfeit appointment letters and salary records. Once the loans were disbursed, EMI payments stopped, turning ₹6.88 crore into non-performing assets.

The Rail Vihar branch witnessed the largest irregularities, with 143 loans processed during Baishakhi Saha’s tenure, totalling over ₹6.22 crore.

At Damana Square branch, Charubala Dandasena and Sarita Paikaray allegedly approved nine fraudulent loans. SBI’s internal audit flagged serious violations, leading to the suspension of the implicated officers.

Earlier, EOW had arrested Smruti Ranjan Mohanty, the alleged middleman orchestrating the racket. Investigators have seized numerous forged salary slips, fake bank statements, and falsified KYC documents.

The case highlights systemic vulnerabilities in loan approval processes and raises questions about the involvement of more individuals behind the racket.

As the investigation deepens, EOW officials suggest that the scale of fraud could be even larger, with more arrests likely in the coming days.