The Odisha Police’s Economic Offences Wing (EOW) apprehended Shiba Prasad Das, a former bank official, in Cuttack for his involvement in a loan fraud exceeding Rs 3 crore. The arrest followed a complaint by Varsha, Deputy General Manager of UCO Bank Kataka branch, accusing Das of manipulating records and fabricating documents to sanction 22 car loans and two business loans.
Das, while serving as the Branch Head of UCO Bank’s Old Secretariat Branch and Salepur Branch, allegedly engaged in fraudulent activities from 2021 to 2025. Investigations revealed that Das falsified quotations for vehicle purchases to approve car loans, even for vehicles already owned. He tampered with CIBIL records, forged documents, and manipulated vehicle-related paperwork to disburse loans fraudulently.
The EOW discovered that Das diverted the sanctioned loan amounts totaling Rs 3,25,43,000 to his personal bank accounts. Moreover, he opened savings accounts for borrowers without proper documentation to conceal the source of repayments. Das allegedly funded repayments himself, misleading authorities about the borrowers’ loan servicing.
During his tenure at UCO Bank’s Salepur and Old Secretariat Branches, Das illicitly approved 16 loans worth Rs 1,85,95,000 and 8 loans amounting to Rs 1,39,48,000, respectively. The investigation led to the seizure of incriminating evidence, including fake loan documents, KYC records, salary slips, and vehicle quotations.
