Odisha Police Arrest Mihir Kumar Paikaray for ₹1.42 Crore ICICI Bank Loan Fraud

The Economic Offences Wing of Odisha’s Crime Branch arrested Mihir Kumar Paikaray in Bhubaneswar on July 29 after he allegedly obtained a ₹1.42 crore loan from ICICI Bank by mortgaging fake land documents. The investigation showed that Paikaray had previously mortgaged the same property to secure a ₹30 lakh loan from Bank of Baroda, which was later auctioned under the SARFAESI Act when he defaulted.

Authorities found the sale deed submitted to ICICI Bank forged, with mismatched stamp paper numbers and signatures. After the loan was disbursed, Paikaray failed to pay EMIs, turning the account into a non‑performing asset with an outstanding balance of about ₹1.22 crore. He also attempted to obtain a ₹1.5 crore loan from Suryodaya Small Finance Bank, which was rejected. The case has been registered under multiple IPC sections, and investigators have seized the forged documents and related paperwork.