Gold Loan: The mines that took the loan from SBI as collateral for the fake gold .. The police registered the case!

Hoskote police have registered a fraud case in opposition to six folks accused of taking a gold loan value Rs 17.8 lakh from the State Bank of India (SBI) three years in the past as collateral for fake gold.

Gold Loan On Fake Gold

Gold Loan: Hoskote police have registered a fraud case in opposition to six folks accused of taking a gold loan value Rs 17.8 lakh from the State Bank of India (SBI) three years in the past as collateral. On April 29, Malathi S. of SBI Hoskote department. The defendants had been discovered to have evaded debt. The rip-off got here to mild when the loan restoration course of was initiated. She stated she had despatched a discover to the accused to remind them about the non-repayment of the loan. Malathi stated in its criticism to the police that the gold was despatched for analysis in preparation for the public sale because of the lack of response to these notices. She advised police she was shocked when it was revealed that the gold was counterfeit when it was despatched for analysis.

The accused, recognized as Nagaraja in the case, pledged 346 grams of gold to get a loan of Rs 6.68 lakh. Nataraja H.S. 237 grams of gold mined and borrowed Rs 4.49 lakh; Manjunatha acquired Rs 7 4.7 lakh with 244 grams of gold; Hanumantha Pawar borrowed Rs 1.5 lakh on 79 grams of gold. KN Murthy. 1.7 lakh in opposition to 80 grams of gold. Also, Babajan pledged 24 grams of gold to 46,000 in March 2018.

The record of financial institution staff who licensed the gold loans and granted the loans was additionally handed over to the Malathi police.
Police suspect officers had been concerned in the rip-off. Bank officers stated they didn’t comply with correct process when granting the loan. A police official stated the extent of the involvement of financial institution officers could be recognized solely after the arrest of the accused.

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