Gold as security against loans worth Rs 43L in Jbp bank turns fake, 15 booked

Jabalpur: A major con came to light in Madhya Pradesh’s Jabalpur after gold kept as security against loans in a nationalised bank turned out to be fake.

The loss to the bank on account of the fraud was estimated at

Rs 43 lakh, police said, adding that a case was registered against 15 persons, including two empanelled gold valuers, after the fraud surfaced during revaluation of pledged ornaments at Punjab National Bank’s Sadar branch.

According to the police, the fraud came to light after branch officials detected irregularities in several gold loan accounts and ordered a fresh valuation of the pledged jewellery. During the reevaluation, gold ornaments submitted by 12 borrowers were found to be fake.

The city superintendent of police (CSP) Cantonment, Uday Singh Bagri, said the purity of the gold was initially certified by two panel valuers associated with the bank.

The accused borrowers allegedly secured loans totalling Rs 38.81 lakh by pledging fake ornaments, police said, adding that the outstanding, combined with the interest accrued, is now Rs 43.17 lakh.

All the accused, including the two valuers who initially certified the fake jewellery, were booked under BNS sections related to criminal conspiracy, cheating and fraud, the police said, adding that all the bank records pertaining to the matter were seized.