By Our Correspondent
BHUBANESWAR:Economic Offences Wing, Odisha, today i.e on 26.05.2026
arrested two Bank officials namely Chandan Kumar Mahala and Debendra
Niranjan Sahu in EOW PS Case No.03 Dtd.10.02.2026 U/s 316(5)/318(4)/336(3)/338/340(2)/344/61(2) IPC. The arrested accused
persons will be produced before the Hon’ble Designated Court under OPID
Act cum Special Court for EOW at Cuttack.
The case was registered on the written complaint of Sri Peeyus Ranjan Swain, Regional Manager, State Bank of India, Jagatsinghpur. It has been alleged that during the period from October 2024 to July 2025, Sri Prashanta Kumar Mallick, Gold Appraiser of SBI, Balichandrapur Branch, Jajpur in conspiracy with others misappropriated public money to the tune of Rs.5,21,42,000/- by recommending/ sanctioning/disbursing 105 gold loans
without any proper documentation and by mortgaging spurious/fake gold
ornaments.
The arrested accused Bank officials Chandan Kumar Mahala, who is presently posted as Chief Manager, Administrative Office, SBI, Bhubaneswar was the Chief Manager of Balichandrapur Branch of SBI and Debendra Niranjan Sahu, was working as Senior Associate-cum-Cash In- charge at SBI, Balichandrapur Branch, Jajpur during the alleged period 2024- 2025. Out of the 105 numbers of gold loans sanctioned in a most fraudulent
manner, Shri Chandan Kumar Mahala, the then Chief Manager had sanctioned 87 gold loans amounting to Rs 4.38 Crores and Shri Debendra Niranjan Sahu, the then Dy. Manager had sanctioned 16 gold loans amounting to Rs 73.85 lakhs
The accused bank officials did not verify the mortgaged gold ornaments with the help of gold valuers empaneled by the bank to test the purity, ensuring of eligibility, compliance with required documents. The total gold limit sanctioned/disbursed in respect of these 105 loans is Rs
5,21,42,000/- and the outstanding loan dues as on 21.07.2025 was Rs 5,23,32,949.8/-. The gross weight of gold in gms as shown pledged for such sanction/disbursal of 105 gold loans is 10646.58 gms, which was found to be spurious/fake.
Investigation further reveled that out of 105 loans, 62 accounts were sanctioned without any gold ornaments. Moreover, in these files some loan documents are missing including goldsmith valuation reports and the borrowers’ signatures also found to have been forged.
Economic Offences Wing, Odisha, earlier arrested accused Prashanta Kumar Mallick in this case on 21.04.2026 and forwarded him to Court, who is presently in Judicial custody.
Many incriminating documents like mobile phone, pass books and credit/debit cards of different banks, credential cards etc. have been collected/seized during investigation.
The investigation of the case is on.
