EOW arrests fraudster, seizes his assets worth Rs 20cr

Bhubaneswar: The economic offences wing (EOW) of the state crime branch on Tuesday arrested a serial fraudster and seized his assets, which included luxury cars, DJ-loaded vehicles and other high-value items worth around Rs 20 crore. The accused was identified as Rama Narayan Bal.

A cheating case was registered against Bal, in his 30s, on Oct 29 for allegedly duping nine men of Rs 20 crore. He promised to help them purchase land from a nationalised bank, claiming the properties were being auctioned following loan defaults.


Bal, who worked in a finance firm during 2023–24, posed as a senior officer of a nationalised bank to lure prospective buyers. He produced forged documents, fabricated agreements, and even issued fake quotations for the approval of land sales. Investigators revealed that he used counterfeit bank seals and forged the signature of a deputy general manager to bolster his deception. “The unsuspecting land buyers gave him money without verifying with the bank directly,” a senior EOW officer said.

The probe further uncovered that Bal, previously booked in multiple cheating cases in Mayurbhanj, Bhadrak and Angul districts, amassed vast movable and immovable assets using crime proceeds. On Dec 20, simultaneous searches were carried out at his residence in Bhadrak and business establishments in Bhadrak and Bhubaneswar. The searches led to the seizure of 10 vehicles, mobile phones, DJ sound systems and photography equipment.




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