12.63 Lakh Fraud at Manappuram Finance Aska Branch; Loan Applicant Absconds After Alleged Scam
News Desk, Odishabarta
Aska (Ganjam), July 3: A man allegedly duped the Aska branch of Manappuram Finance of Rs.12.63 lakh by exploiting the gold loan transfer process and later absconding, prompting the police to register a cheating case.
According to the complaint, the accused, Jitendra Panda of Paiko Street in Sorada, approached the Aska branch on June 18, 2026, expressing his intention to shift his existing gold loan from Muthoot Finance, Sorada Branch, to Manappuram Finance,Aska/
Jitendra the fraudster allegedly informed Branch Manager Sagar Patra that he first needed to clear his outstanding loan with Muthoot Finance to release the pledged gold. Trusting his assurance, the branch manager processed a pre-disbursement cheque (PDC) and transferred Rs.12.63 lakh RTGS to Jitendra’s Axis Bank account so that he could repay the existing loan and bring the released gold to Manappuram as Promised Customer .
However, Jiendra didn’t repaid the outstanding amount at Muthoot Finance and the release of his gold ornaments. Instead of depositing the gold with Manappuram Finance, he allegedly renewed his loan elsewhere and disappeared. His mobile phone has since remained switched off.
Unable to recover either the money or the pledged gold, Branch Manager Sagar Patra was reportedly compelled to mortgage his own gold ornaments to reimburse the company for the loss.
Based on a written complaint submitted by Sagar Patra on June 26, 2026, Aska Police registered Case No. 340/2026 under Section 318(4) of the Bharatiya Nyaya Sanhita (BNS) for cheating and launched an investigation.
Police are making efforts to trace the accused, who is currently absconding. Investigators said further details regarding the alleged fraud will emerge once the accused is apprehended.
According to police, the case highlights how fraudsters are increasingly using deceptive tactics to exploit financial institutions by taking advantage of loan transfer procedures. The investigation is continuing.
