6 arrested in Odisha for Rs 16.71 crore bank loan fraud using fake PhonePe records.

Six individuals were arrested in Odisha for a Rs 16.71 crore bank loan fraud. The Economic Offences Wing (EOW) investigated after a complaint from State Bank of India (SBI) Regional Manager Shiba Sundara Sahoo. The accused secured 161 Xpress Credit Loans by providing fake employment records, falsely claiming to be PhonePe Pvt. Ltd. employees. They created a fraudulent office and email, receiving 35% of the loan amount from borrowers to facilitate the fraud.