Bhubaneswar, Aug 26: The Economic Offences Wing (EOW) of Odisha Police on Tuesday arrested a person in connection with Rs 1.3 crore loan fraud involving ICICI Bank.

The accused, identified as Subrat Kumar Nayak (55), was apprehended from the Laxmisagar area of Bhubaneswar.

According to reports, the matter came to fore following a complaint filed by the bank’s Financial Crime Prevention Group.

According to complaint, Nayak had fraudulently availed a loan of Rs 1.03 crore from ICICI Bank’s Bomikhal branch in November 2017 by mortgaging three plots of land. Shockingly, the properties were registered in the name of his mother, who had passed away in 2016.

Investigators revealed that Nayak impersonated his deceased mother and submitted forged documents to secure the loan.

Following this, the ICICI Bank approached the EOW, prompting a detailed investigation that led to Nayak’s arrest.

However, Subrat was arrested and is currently in custody. The accused will be produced before the court for further legal proceedings.