I did a visual inspection of the belts while the engine was off and also while it was running. Both of them seemed ok with the right amount of tension and no flexing. Please pardon my ignorance, but what's these belts got to do with engine oil leaking anyway?
if the water pump is not effectively circulating water...your engine is bound to overheat...hence the query.
If you have clocked more then 1Lakh kilometers, then it needs a overhaul. Does the engine heat up? and do you see white smoke coming from the engine bay?