In the capital, another case of fraud involving a bank loan secured by counterfeit gold has surfaced. Once more, scammers used phony gold as collateral to cheat a bank out of lakhs of rupees. At the UCO Bank BCS branch, there has been a report of a case involving a bank loan based on counterfeit gold jewelry. At the New Shimla police station, a case has been filed against a person under a number of provisions, including fraud.
The complaint was filed by UCO Bank BCS branch manager Rajni Kapoor, against whom the case has been filed. According to the complaint, the accused, Indra Singh, son of Diva Ram, obtained two gold loans from the bank based on the gold jewelry. He obtained gold loans of Rs. 2,41,875 on February 9, 2023, and Rs. 2,52,800 on March 14, 2023. This fraud was committed by mortgaging 12 pieces of gold jewelry.
After evaluating the jewelry, Agarwal Jewellers in Kandaghat and Bhagwati Jewellers in Kasumpti determined that it was 22 carats of pure gold. However, the pledged jewelry was found to be counterfeit after an audit by Phobos Gold Technologies Private Limited’s corporate valuer, Manoj Dhorda. The defendants intended to cheat the bank and make money when they perpetrated this fraud.
The accused refused to pay back the loan amount when the bank urged him to do so after learning of this. In total, the bank has lost almost ₹5.60 lakh as a result of this theft. In accordance with Indian Penal Code sections 420, 467, and 468, police have filed a case and started an investigation. According to the police, every aspect of the case is being properly investigated.
