Two officials of the Odisha Gramya Bank’s Jaraka branch have been suspended over their alleged involvement in a gold loan fraud amounting to over ₹42 lakh. The fraud involved approving loans against counterfeit gold, a bank official confirmed on Thursday.

The suspended officials are Satabdee Pradhan, a former branch manager, and Pratibha Mishra, a former assistant manager. A joint routine inspection uncovered the fraudulent activity, leading to their suspension. Additionally, the gold appraiser associated with the branch has been removed for his role in the offence, according to the official.

The incident has raised concerns over the bank’s procedures for verifying gold collateral. The Odisha Gramya Bank is expected to undertake further investigations to prevent similar occurrences in the future.