Gang dupes banks in Karnataka by pledging counterfeit gold ornaments to avail loans worth Rs 3 crore

A group of fraudsters allegedly deceived two banks by pledging counterfeit gold ornaments to avail loans worth Rs 3.1 crore loan in Karnataka’s Gadag district, said the police.

In the first case, the accused pledged 4,870 gm of fake gold ornaments to get a loan of Rs 1.43 crore from the IDBI Bank, according to the police. In the second case, they pledged 4,983 gm of counterfeit gold ornaments to avail Rs 1.58 crore loan from Union Bank, the police said.

According to Gadag superintendent of police Shivaprakash Devaraju, 18 people were involved in the first case and 11 in the second. Many of them, including prime accused Dattatreya Bakle and gold appraiser Suresh Gopal Revankar, were involved in both cases, he said.

The accused pledged the gold at IDBI Bank from April 25 to June 29, 2022. Revankar was part of the gang that tricked the banks, as he issued purity certificates for the counterfeit ornaments to show that they were made of 22-carat gold, said the police.

Revankar was involved in the second case too and the accused followed the same modus operandi to trick Union Bank, pledging gold from July 7 to 27.

According to the police, the scam surfaced during the ornaments at the banks. The police were on the lookout for the accused and yet to arrest them.

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