Mumbai News: Bank Of India Files Case Against 2 Individuals In Connection With Gold Loan Scam

Mumbai: The Bank of India filed a case against two individuals for allegedly cheating. The accused took a loan of 5.62 lakhs by keeping gold as mortgage. It was later revealed that the gold was fake. The case was filed at Oshiwara police station on September 27.

According to the FIR, in 2020, Ramakant Bhatale (42) a businessman, visited the Jogeshwari West Branch of Bank of India to obtain a loan for his business with gold on mortgage. Ami Kumar Pandey, Credit Manager of the branch, provided Bhatale with all the necessary loan information. Bhatale agreed to take the loan using gold as collateral, and the manager appointed Sapana Bhatt, owner of Bahuchar Enterprises, to assess the value of the gold being mortgaged. During the valuation process, bank manager Pradip Kumar, Credit bank manager Amit Kumar Pandey, Bhatale and Sapana Bhatta were present.

Bhatale Took A Loan Of Rs 5.62 Lakh From The Bank

The valuation included a gold chain and locket valued at Rs. 4,29,279, a pair of gold earrings, and a gold bracelet valued at Rs. 3,22,806. Bhatale requested two separate loans, and the bank approved that, one for Rs, 3.20 lakh and the other for Rs. 2.42 lakh, totalling Rs. 5.62 lakh, which was credited to Bhatale's bank account. Bhatale also paid Rs. 70,302 to the bank for the loan. However, Bhatale failed to make the loan EMI payments despite the bank's efforts to contact him and request payment. The bank even sent him a notice, but he did not respond.

In 2022, The bank manager grew suspicious and decided to re-evaluate the gold. The manager called Bhagwati Bafana for the valuation, and Bafana revealed that the gold was fake. The bank attempted to contact Sapana Bhatt but was unable to reach her. The bank manager realized that Ramakant Bhtale and Sapana Bhatt had collaborated to deceive the bank.

The bank manager registered a case against Bhatale and Bhatt under sections 34 (common intention), 406 (breach of trust), 409 (breach of trust by merchant),and 420 (cheating and dishonestly) of the IPC Act at Oshiwara police station on September 27.