Ludhiana: Loans approved against fake jewellery, one booked

Sub-inspector Dharampal, in charge of the Kochar Market police post, Ludhiana, said the inquiry revealed Vikram Singh had knowingly approved loans for two individuals, identified as Prem Masih of Hargobind Nagar in Giaspura and Tejasveer Preet Singh of Sahnewal Khurd, despite the gold being fake

The division number 5 police have registered a case against a loan manager of a private finance company for allegedly approving gold loans against fake gold jewellery. Accused Vikram Singh sanctioned loans amounting to ₹2.79 lakh for his acquaintances by accepting counterfeit gold as collateral, the complainant mentioned.

Sub-inspector Dharampal, in charge of the Kochar Market police post, Ludhiana, said the accused is at large. (HT Photo)

The fraud came to light during an audit conducted by the finance company at its Feroze Gandhi Market branch. According to the complaint filed by Shubham Bain, the company’s collection manager, the audit revealed that some of the gold jewellery mortgaged for loans was fake.

Sub-inspector Dharampal, in charge of the Kochar Market police post, said the inquiry revealed Vikram Singh had knowingly approved loans for two individuals, identified as Prem Masih of Hargobind Nagar in Giaspura and Tejasveer Preet Singh of Sahnewal Khurd, despite the gold being fake. Both individuals were found to be associates of Vikram Singh.

“Vikram Singh facilitated the approval of these loans using fake gold, violating the company’s trust. Following the audit, he left his job and disappeared,” the sub-inspector said.

The police registered an FIR under Sections 409 (criminal breach of trust) and 420 (cheating) of the Indian Penal Code (IPC). The IPC sections were invoked as the company had filed a complaint on November 23, 2023, before the Bharatiya Nyaya Sanhita came into existence. The FIR was registered after a thorough investigation. SI Dharampal said the accused is at large.