A gaggle of fraudsters allegedly deceived two banks by pledging counterfeit gold ornaments to avail loans value Rs 3.1 crore mortgage in Karnataka’s Gadag district, stated the police.
Within the first case, the accused pledged 4,870 gm of faux gold ornaments to get a mortgage of Rs 1.43 crore from the IDBI Financial institution, in response to the police. Within the second case, they pledged 4,983 gm of counterfeit gold ornaments to avail Rs 1.58 crore mortgage from Union Financial institution, the police stated.
Based on Gadag superintendent of police Shivaprakash Devaraju, 18 folks have been concerned within the first case and 11 within the second. Lots of them, together with prime accused Dattatreya Bakle and gold appraiser Suresh Gopal Revankar, have been concerned in each circumstances, he stated.
The accused pledged the gold at IDBI Financial institution from April 25 to June 29, 2022. Revankar was a part of the gang that tricked the banks, as he issued purity certificates for the counterfeit ornaments to indicate that they have been fabricated from 22-carat gold, stated the police.
Revankar was concerned within the second case too and the accused adopted the identical modus operandi to trick Union Financial institution, pledging gold from July 7 to 27.
Based on the police, the rip-off surfaced through the ornaments on the banks. The police have been looking out for the accused and but to arrest them.