An assistant manager at the Rajim branch of Indian Overseas Bank was arrested for stealing more than Rs 1 crore through the issuance of fraudulent jewelry loans. Ankita Panigrahi, the accused, was apprehended from Bargarh, Odisha, by the State Economic Offenses Investigation Bureau (EOW). The police started questioning her and pursuing additional legal action after the arrest.
Ankita Panigrahi was employed in 2022 as an Assistant Manager at Indian Overseas Bank's Rajim branch in the Gariaband district. She created fictitious jewelry loan records there by abusing locked bank accounts. She was able to take out Rs 1 crore 65 lakh from the bank in fraud by doing this.
When this fraud was discovered, the bank fired her right away. The Economic Offenses Wing (EOW) then formally filed a case against her in 2023. The case was brought under Section 409 of the Indian Penal Code, which addresses criminal breach of trust by a public worker, and Section 13(a) of the Prevention of Corruption Act, 1988 (as amended in 2018).
For a long time, Ankita had been absconding (hiding from the authorities), but the EOW finally tracked her down in Bargarh, Odisha. She was taken into police custody (remand) so that officials could question her thoroughly about the fraud. The EOW is now conducting a detailed investigation to uncover the full extent of the scam and to check whether other people were involved.
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