A major gold loan fraud, amounting to Rs 7.31 crore, has been uncovered at a Canara Bank branch in Jalna, Maharashtra, involving the substitution of real gold with fake jewellery.
Key Points
- A Rs 7.31 crore fraud involving gold loan accounts has been reported at a Canara Bank branch in Jalna, Maharashtra.
- The fraud involved the theft of genuine gold ornaments and their substitution with fake jewellery.
- Two individuals have been arrested, and a case has been registered against the branch manager, an officer, and a gold appraiser.
- The irregularities were discovered during a routine quarterly revaluation of gold loan packets.
- Police are investigating the possibility of a larger conspiracy and the involvement of additional individuals in the Canara Bank gold fraud.
An alleged fraud of Rs 7.31 crore involving theft of ornaments from gold loan accounts and their replacement with fake jewellery has come to light at a Canara Bank branch in Maharashtra's Jalna district, police said on Sunday.
Canara Bank Officials Under Investigation
Two persons have been arrested in this connection and a case has been registered against the nationalised bank's Badnapur branch manager, another officer and a gold appraiser, they said.
The irregularities were detected recently during the routine quarterly revaluation of gold loan packets kept at the bank.
Details Of The Gold Loan Fraud
On April 22, officials found several packets containing fake gold. An investigation showed that 22 gold loan packets contained fake jewellery of Rs 3.79 crore. Additionally, 30 packets of gold valued at Rs 3.52 crore were missing from the strong room, an official from Badnapur police station said.
The CCTV footage analysis of April 23 showed a bank officer allegedly stealing gold packets from the strong room and concealing them, he said.
Negligence And Security Protocol Breach
According to the police, the branch manager allegedly violated security protocols by allowing the officer access to the strong room alone, showing negligence in duty.
A gold appraiser is also accused of certifying fake gold as genuine, facilitating the fraud, they said.
Legal Action And Ongoing Investigation
Based on a complaint by a senior bank official, the Badnapur police registered a case on Friday against the three accused on charges of criminal breach of trust, fraud and negligence under the Bharatiya Nyaya Sanhita.
Two persons have been arrested so far, while further investigation is underway, the police said, without identifying those taken into custody.
The police were probing the possibility of a larger conspiracy and involvement of more individuals, Badnapur police inspector M T Survase said.
