Sixteen people, including bank valuers, have been booked for allegedly mortgaging fake gold and valuation certificates to get bank loans amounting to Rs1.78 crore. According to the police, the fraud took place between October 2022 and December 2023 and the accused took 29 gold loans.
The con came to the fore when the borrowers defaulted on installments, prompting the bank officials to assess the value of pawned ornaments. However, they were shocked to find that the accused had slyly passed of yellow-coloured metal as real gold.
A case has been filed under the relevant Indian Penal Code sections, including 420 (cheating).
