News Karnataka

News Karnataka

Bank gold appraiser aids pledging fake gold, several cheating cases surface

Bank gold appraiser aids pledging fake gold, several cheating cases surface

Karwar SB   ¦    Oct 12, 2017 05:53:45 PM (IST)
Bank gold appraiser aids pledging fake gold, several cheating cases surface

Karwar: More cases of cheating Syndicate Bank branch in Mallapur's Kurnipet branch have surfaced after the first complaint was registered against four people of pledging fake gold to avail loans was reported on October 9.

Bank gold appraiser Rajkumar Shet used to facilitate bank customers to pledge fake gold to enable them to avail loans on which he used to earn commission, it is gathered. He used to endorse the fake gold as genuine and issue a certificate based on which the bank officials used to release loans.

When customers never returned to take back their gold despite bank reminders, the bank decided to auction the same. It is at this point of time that the Mallapur police registered the first complaint against four people who had pledged fake gold to avail loans worth of Rs 6.77 Lakh.

The same branch has more than 300 accounts related to gold loans and the expected transactions related to pledging fake gold is likely to exceed Rs 70 Lakh. So far police have managed to unravel 20 cases but are finding it difficult to get to the root of other cases.