A new case of fraud has come to light in Shimla where two men took a gold loan of nearly Rs 20 lakh from Axis Bank’s Mall Road branch by pledging fake gold jewellery. When the bank later examined the jewellery, it was found to be not real gold, which led to a major financial loss for the bank. The bank immediately filed a complaint, and now the police have registered a case and started investigation.
What Happened?
According to the complaint given by Ashish Parmar, the Branch Operations Manager of Axis Bank, the two men — Basant Lal and Indra Jasta — had taken a gold loan from the bank a while ago. They mortgaged jewellery and received the loan. But when the bank recently re-checked the jewellery, they found out that it was not made of real gold. The ornaments were only gold-plated, meaning they had a thin layer of gold on top, but the inside metal was not pure gold.
Due to this fraud, the bank suffered a loss of around Rs 20,04,400, which includes both the loan amount and interest.
How is Gold Verified?
A bank official (who did not want to be named) explained how gold is usually tested before giving a gold loan:
- First, the bank sends the gold to a certified goldsmith, who checks the quality and provides a certificate mentioning the gold’s purity, like how many carats it is.
- In addition to this, banks also have their own testing kits, which use nitric acid and a touchstone method to check whether the gold is real.
Even though all these checks are in place, fraudsters sometimes manage to fool the system — especially when the gold has a realistic coating.
Earlier Frauds
This is not the first such case in Shimla. In the past, several banks have also faced similar frauds. In fact, at least two more cases under Thana Sadar and New Shimla police stations had reported loans taken using fake jewellery worth Rs 59 lakh.
In some of those older cases, the fraud was only discovered after the borrower stopped repaying the loan. When the banks tried to recover the loan and checked the jewellery, they realized it was fake.
Police Investigation Underway
Now, questions are being raised about how such frauds are happening despite the gold-checking process. Police are investigating every aspect of the case, including whether more people were involved or whether this was part of a larger racket.
SSP Sanjeev Kumar Gandhi confirmed that the FIR has been registered against both accused, and further investigation is in progress.
This incident once again highlights the need for stricter verification procedures when it comes to gold loans, and also more vigilance from both banks and customers.
