Bank Scam: Fake Gold Collateral Scheme Unraveled

An FIR has been filed against five individuals, including the owner of a firm tasked with verifying gold purity for loans, after fake jewelry was used as collateral for a Rs 13 lakh loan at a bank. The scam was uncovered when a firm re-evaluated the pledged gold and found it fake.

In a startling revelation, an FIR has been lodged against five individuals, including a firm owner, over a scandal at the Union Bank of India where fake jewelry was used as collateral for a gold loan exceeding Rs 13 lakh. The case, filed by bank manager Furkan Ali Khan, names Raju Seth, owner of M/s Bhavana Ornaments, and others for fraud and conspiracy.

The fraud occurred between April 5 and May 9, under the management of former branch manager Gulab Singh, involving loans issued to Aarti Devi, Ajay Kumar, Rajneesh, and Zubaid Alam with the approval of Seth's firm entrusted to check gold purity.

On re-examination by a separate firm, the pledged gold turned out to be counterfeit, prompting a detailed police investigation headed by Superintendent Meenakshi Katyayan.

(With inputs from agencies.)