Fake Gold Loan Gang: Police arrested a Big Fake Gold Loan Gang on complaint of Indian Bank
Bhadohi, Uttar Pradesh: The police have busted a gang that was involved in taking bank loans by depositing fake gold. Five people, including a goldsmith, were arrested and sent to jail on Sunday after the police recovered fake gold worth ₹9.38 lakh. Now, the police are searching for other people connected to this fraud.
How the Gang Operated
The gang had a well-planned strategy, with specific roles assigned to each member. Some were responsible for arranging the fake gold, while others found customers willing to take part in the fraud. Another group coordinated with bank bailors to ensure the approval of gold loans.
On Sunday, Additional Superintendent of Police (ASP) Shubham Agarwal held a press conference and shared details about the case. He revealed that the police were investigating four cases where fraudsters had taken gold loans from banks using fake gold.
The matter first came to light on March 28, when Sanjeet Kumar, the regional manager of Indian Bank, filed a complaint about fake gold being deposited in exchange for loans. Soon after, similar complaints were registered:
- March 29 – Complaint from a bank in Gyanpur
- October 22, 2024 – Complaint from UBI Gopiganj Bank Manager Rajan Sunday
- October 22, 2024 – Complaint from Central Bank Gopiganj Regional Head Durgesh N Singh
All these complaints involved cases of fraudulently taking gold loans by depositing fake gold. On Saturday night, the police carried out a raid near the Forest Department office in Girain and arrested the gang leader Raju Seth along with his associates:
- Lal Saheb (resident of Shripur, Gyanpur)
- Akhilesh Kumar Pandey (resident of Puregulam)
- Shyam Sundar Pal (resident of Gulauri)
- Dheeraj Kumar (resident of Puregulam)
During the arrest, the police recovered 104.25 grams of fake gold, which was valued at ₹9.38 lakh.
How the Scam Worked
ASP Agarwal explained that Vicky Badshah alias Shivam Umar and Paltu alias Anand were responsible for providing fake gold to the gang. Meanwhile, Lal Saheb and Shyam Sundar Pal found people willing to act as loan applicants in exchange for some money. These individuals would deposit the fake gold in their names and take loans from banks. Another key player, Raju Seth, coordinated with authorized bank bailors to pass the fake gold as genuine during the jewellery verification process.
During questioning, the arrested individuals confessed that they had committed 30 similar frauds in the past. The police are now actively searching for other gang members and associates involved in this scam.
