Orissa State Vigilance has arrested the General Manager of Urban Cooperative Bank, Cuttack, on charges of conniving with an unscrupulous trading agency and providing it a hefty loan without following proper procedures.
The Vigilance sleuths raided the office of General Manager Nilakantha Das, who has been produced before the court and remanded in judicial custody till September 7.
According to Vigilance officials, Das was allegedly involved in extension of loan to the tune of Rs. 2.21 crore to one Shiva Chrome Chemicals Private Limited, Chandikhol, between 2000 and 2004 in conspiracy with owners of the firm as well as fellow officials of the bank.
Courtsey:IE