On Saturday, the UP Special Task Force made an arrest in Lucknow related to a significant gold loan scam. The branch manager of a bank in Maharashtra, Girish Chandra Tiwari, was apprehended for his involvement in the scam, which involved a staggering sum of ₹2.5 crore in 2023.
According to senior police officials, Tiwari had allegedly fled with the gold that had been deposited in the bank by individuals who had taken loans. Instead of depositing the gold with the bank, he purportedly invested the entire amount in a real estate company based in Lucknow, aiming to profit from it.
Background and Investigation
Tiwari, a resident of Machchlishahar, Jaunpur, had been posted as the branch manager of the Federal Bank on Meera Road in Thane, Maharashtra. He had been working in various financial institutions since 2009 and had assumed his position at the Meera Road branch in 2021.
During his tenure, Tiwari allegedly granted gold loans to multiple individuals. However, instead of depositing the gold as collateral with the bank, he retained possession of it himself. In 2023, he disappeared with the entire stock of gold, prompting an FIR to be filed against him at the Kashmira police station in Thane, Maharashtra. Since then, Tiwari had been wanted by the authorities.
Arrest and Confession
Following a tip-off from the Maharashtra police, the UP Special Task Force was able to track down Tiwari to his hideout in Khewali Hasanpur village, located under Sushant Golf City. On Saturday, the authorities arrested him there.
During the subsequent interrogation, Tiwari confessed to his actions. He revealed that he had invested all the proceeds from selling the gold into a company called Tronica Properties Solutions.
Legal Proceedings
After his arrest, Tiwari was handed over to the Maharashtra police to face further legal proceedings. The authorities will now continue their investigation into the gold loan scam and gather evidence to build a strong case against him.
This arrest serves as a reminder of the importance of trust and integrity in the financial sector. It also highlights the need for robust regulatory measures to prevent such fraudulent activities and protect the interests of the public.