Thane: Police have initiated legal action against 22 individuals for their alleged involvement in defrauding a private cooperative bank in Thane district, Maharashtra. The accused are accused of cheating the bank out of ₹39.25 lakh by mortgaging fake jewellery, according to an official statement released on Sunday. Click here to know how to check purity of Gold.
The fraudulent activities reportedly took place between November 2020 and November 2021. During this period, the accused individuals approached the bank’s branch located in the Mumbra area to obtain loans. They presented jewellery as collateral for these loans, falsely claiming it to be genuine. Some of the accused even took out multiple loans, further compounding the deception. Also Read: Fake Jewellery Scam in SBI: Customer took loan and submitted Fake Gold to SBI
The scam came to light during a routine audit and inspection conducted by the bank. It was during this review that officials discovered the mortgaged jewellery was not authentic. This revelation prompted a thorough investigation into the matter. Also Read: Gold Loan Fraud: Two women arrested for submitting Fake Gold to Bank
Upon receiving a complaint from a bank official regarding the fraudulent activity, the Mumbra police took swift action. They registered a case on Thursday against the 22 individuals involved, citing several charges under the Indian Penal Code. The charges include Section 420, which deals with cheating; Section 409, which pertains to criminal breach of trust; and Section 34, which addresses acts committed by multiple individuals with a common intention to commit an offense.
The police are continuing their investigation to gather further evidence and details regarding the extent of the fraud and the identities of all individuals involved. They aim to ensure that those responsible for this fraudulent scheme are held accountable for their actions.
This case highlights the ongoing issue of fraud in the banking sector and the importance of vigilance during loan disbursement processes, particularly regarding the verification of collateral. The police are urging other financial institutions to enhance their auditing and verification procedures to prevent similar incidents in the future.
Some Bank branches are not responding gold loan frauds. Particularly south based PSBs are not disclosing the fake gold loans information.