A finance company in Thane has been allegedly defrauded of Rs 25.96 lakh after individuals mortgaged fake jewellery to secure loans, prompting a police investigation into the jewellery fraud.
Key Points
- A finance company in Thane was allegedly cheated of Rs 25.96 lakh.
- The fraud involved mortgaging fake jewellery to obtain loans.
- Five individuals are accused of perpetrating the jewellery loan scam.
- The alleged fraud occurred in 2025, according to the FIR.
A finance company has alleged that five persons cheated it of Rs 25.96 lakh by mortgaging fake jewellery and obtaining loans against it in Maharashtra's Thane district, police said on Thursday.
Fake Jewellery Used As Collateral
As per an FIR registered at Vitthalwadi police station on Wednesday, the alleged fraud was committed in 2025.
The accused mortgaged jewellery with the finance company and availed loans amounting to Rs 25.96 lakh. During verification, the company found that the pledged ornaments were fake.
While the company approached the police on Tuesday, it was not immediately clear when it learned about the alleged fraud.
Police Investigation Underway
A probe into the case is underway, police added.
