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SURAT: Gold survey to lend fraud case revealed that jewelry pledged for a loan had only 40% gold, the rest of the jewelry was made of another metal.
Police says that fake gold jewelry was made using a specialized method where even the bank appraiser could tell the difference.
A total of 22 people were booked in October for taking out 41 loans worth Rs 2.55 crore from different branches of ICICI Bank by pledging fake gold jewelry. So far, only eight people have been arrested, said criminal branch official investigate the case. Most of the gold loans were taken between August and October of this year.
“The fake jewelry contained less than 40% gold. Even then, it was not easy to distinguish, ”said a police officer. The racket was dismantled when a plaintiff’s gold jewelry was found counterfeit and later the bank had other pledged jewelry examined.
“The jewelry was gold plated on the outside, but on the inside another metal was used. The jewelry had to be cut to discover that another metal was used inside. But cutting a piece of jewelry violated the terms and conditions of the loan because the piece of jewelry was pledged and not sold, ”said the police official.
“After buying it from the manufacturer, one of the 22 defendants tried to pledge it. If it was successful, other borrowers got involved,” said a police officer from the criminal branch of Surat. .
The maker of the fake gold jewelry, who allegedly supplied the ornaments to all of the accused, was arrested again.
Police says that fake gold jewelry was made using a specialized method where even the bank appraiser could tell the difference.
A total of 22 people were booked in October for taking out 41 loans worth Rs 2.55 crore from different branches of ICICI Bank by pledging fake gold jewelry. So far, only eight people have been arrested, said criminal branch official investigate the case. Most of the gold loans were taken between August and October of this year.
“The fake jewelry contained less than 40% gold. Even then, it was not easy to distinguish, ”said a police officer. The racket was dismantled when a plaintiff’s gold jewelry was found counterfeit and later the bank had other pledged jewelry examined.
“The jewelry was gold plated on the outside, but on the inside another metal was used. The jewelry had to be cut to discover that another metal was used inside. But cutting a piece of jewelry violated the terms and conditions of the loan because the piece of jewelry was pledged and not sold, ”said the police official.
“After buying it from the manufacturer, one of the 22 defendants tried to pledge it. If it was successful, other borrowers got involved,” said a police officer from the criminal branch of Surat. .
The maker of the fake gold jewelry, who allegedly supplied the ornaments to all of the accused, was arrested again.
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