Shajapur (Madhya Pradesh): The Economic Offences Wing (EOW), Ujjain has taken action against a significant gold loan scam in Shajapur, involving multiple bank branches. An FIR has been lodged, implicating bank officers, valuers and customers.
The scam revolves around loans secured with counterfeit gold in four branches of one of the country's prominent banks.
Investigations have unveiled a complex network of deception, implicating various bank staff, jewellers and borrowers. Customers unwittingly became part of the scam, with their names used to secure loans against fake gold. Notable figures from Shajapur are among the affected customers.
The accused individuals, including bank officials and valuers, stand to face arrest pending the completion of investigations. The fraudulent activities, which transpired over the span of years, have incurred significant losses for the banks involved. In some instances, loans worth crores were obtained against non-existent assets.
Specific individuals named in the FIR include bank managers, officers, cashiers and appraisers, reflecting the widespread nature of the scam. The intricate scheme has been a longstanding issue, but with the registration of FIRs, the investigation has gained momentum.
The case highlights the vulnerability of financial institutions to such sophisticated frauds and underscores the importance of stringent oversight and due diligence in loan approval processes.
As the investigation progresses, more details are expected to surface, shedding light on the extent of the scam and bringing perpetrators to justice.