Big Gold Scam at Manappuram Finance Dabra Branch; Rs 4.5 Crore Gold Replaced with Fake Gold

A big gold scam of about ₹4.5 crore (450,000 USD) has been discovered at the Dabra branch of Manappuram Finance Limited, a private finance company in Gwalior. The scam was discovered during the company’s internal audit.

Police said that around 4 kg 380 grams of real gold, belonging to 26 customers, was replaced with fake gold. The fraud came to light when one customer came to collect his jewelry, and the packet was found to be fake. After this, eight lockers were checked, and 26 packets were found to be fake.

When the scam was confirmed, the company’s area manager and vigilance officer reached the branch and informed senior management. At the same time, account holders filed a complaint at the City Police Station, asking for an investigation.

During the initial probe, police identified branch manager Chandrabhan Kushwaha and assistant manager Vikas Sharma, as they had the locker keys. Both were handed over to the police by the management. The locker would open only after the keys of both of them were used.

City Police Station in-charge Yashwant Goyal said that company officials have also filed a complaint. He added that the case is very serious and is under investigation, so it is too early to give a final statement. After the news spread, a large crowd of worried customers gathered outside the company.

When a person goes to a finance company to take a gold loan, the company asks a goldsmith to check the quality of the gold jewellery.

On the basis of that, the amount of loan is decided. The gold is packed in an envelope, sealed and kept in the locker by the manager and assistant manager together.

This entire matter was exposed when a customer went to collect his gold. As soon as he opened the polybag of the jewellery, he found the gold to be fake and immediately informed the bank authorities about it.

Senior officials were also informed. Vigilance and audit teams arrived quickly. Other gold jewelry packets were checked and it was discovered that approximately 26 packets contained over 4 kilograms of fake gold.

As soon as the finance company’s customers got information about this jewelry scam, people from surrounding rural areas gathered outside the Manappuram Finance Limited office and the police station. People were worried about what would happen to their jewelry now? How would they get their hard-earned jewelry back?

It is reported that this finance company held gold worth approximately 11 crore rupees, belonging to poor and needy people in the area.