Home CRIME Four held for getting loan against fake gold in Odisha

Four held for getting loan against fake gold in Odisha


Odisha Sun Times Bureau
Rourkela, Jan 23:

Police have arrested four persons for their alleged involvement in a gold loan scam and availing loans amounting to Rs.38 lakh from IDBI Bank by depositing fake gold with the bank in Odisha’s Sundargarh district.


According to reports, four persons, including an appraiser, have been arrested for the fraud. The three accused had availed gold loan amounting to Rs 38 lakh from IDBI Bank’s Panposh Road branch here by mortgaging 2.5 kg gold.

Based on a complaint, a team of officials from Raghunathpalli police station conducted an inquiry and found the complicity of these four persons in the scam.

The trio identified as Babulu Sahu, Krishnakumari Apat and Ramchandra Apat had availed the gold loan around two years ago which was approved by bank’s panel appraiser Nagendra Prasad Sahu, reports added.

However, the loanees have refuted the charges saying they were repaying the loans till recently. When they defaulted on payments, the bank has come up with charges of mortgaging fake gold.

“I have been repaying laons regularly. I have repayed around Rs 6.50 lakh of the loan amount till now. How come the bank came to know now that the gold that was mortgaged with it was fake?” an accused questioned.