Three SBI Employees Arrested in ₹13.92 Crore Loan Fraud Case in Odisha

Cuttack: The Economic Offences Wing (EOW) of Odisha Police on Tuesday arrested three women employees of the State Bank of India (SBI) in connection with an alleged multi-crore loan fraud involving fraudulent sanction of loans across several branches.

The accused have been identified as Baishakhi Saha, Charubala Dandasena and Sarita Paikaray. They were arrested in connection with EOW Police Station Case No. 08 dated May 5, 2026, registered under Sections 409, 420, 467, 468, 471 and 120B of the Indian Penal Code.

According to the EOW, the case was registered on the basis of a complaint filed by Shiba Sundar Sahoo, Regional Manager of SBI, Bhubaneswar.

The complaint alleged that the accused officials, in conspiracy with others, fraudulently sanctioned and processed 282 Xpress Credit Loans amounting to ₹13.92 crore between May 2022 and November 2023 across multiple SBI branches using forged and fake documents.

Officials said the arrested employees will be produced before the designated OPID Act-cum-Special Court for EOW in Cuttack.

Earlier in the investigation, the EOW had arrested a middleman, identified as Smruti Ranjan Mohanty, on May 20, 2026, for allegedly arranging fake loanees using forged documents to facilitate the fraudulent loan approvals. He is currently in judicial custody.

The EOW said further investigation is underway to identify the involvement of other persons linked to the fraud.