Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Police has arrested a youth, Subrat Kumar Nayak, on charges of defrauding ICICI Bank of ₹1.27 crore by impersonating his deceased mother. He was produced before the Designated Court under the OPID Act, Cuttack, following his arrest.

The case was registered based on a complaint filed by Sushant Nayak, Regional Head of the Financial Crime Prevention Group, ICICI Bank. The EOW registered Case No. 11 dated August 21, 2025 under Sections 406/419/420/467/468/471/120-B IPC.

According to the complaint, Subrat availed a loan of ₹1.03 crore on November 30, 2017 from ICICI Bank’s Bomikhal branch against an equitable mortgage of three landed properties in the name of his mother, Ramamani Nayak. However, investigations revealed Ramamani had passed away on November 6, 2016, nearly a year before the loan was sanctioned.

Subrat, along with his wife Malabika Nayak, allegedly mortgaged the properties by impersonating his deceased mother and submitting forged documents. The loan account later turned into an NPA, and the outstanding amount has now risen to ₹1.27 crore.

The EOW stated that further investigation into the case is underway.