Gurugram: Businessman cheats private bank with fake gold for ₹8-lakh loan

A Gurugram based catering businessman managed to fool a private bank to issue ₹8-lakh worth loans against fake jewellery, said police on Sunday

A Gurugram based catering businessman managed to fool a private bank to issue ₹8-lakh worth loans against fake jewellery, said police on Sunday.

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Police suspect the man bought the cooperation of the jeweller that the bank relied on for ascertaining purity of gold. Both suspects -- catering businessman Shashi Kumar and an unnamed city jeweller-- were on the runs, said police.

Police said Kumar, a resident of Bhiwani, approached the Sohna Road branch of IDBI Bank in March last year for a gold loan. He tried to mortgage four gold bangles that he claimed weighed 134 grams and was 22 carat pure. The bank then, as per norms, got the gold tested by the jeweller and then sanctioned a ₹3.70 lakh loan.

A month later, Kumar approached the same branch and wished to mortgage another four bangles. Again the bank had its purity tested by the same jeweller and then sanctioned ₹4.25 lakh. In August, Kumar repaid the principal and interest and got back his gold.

In the second week of January this year, Kumar attempted to get a ₹2-lakh loan from the same bank’s Manesar branch. Each branch had its own jeweller and this time, the Manesar branch’s authorised jeweller found that bangles were fake.

KK Rao, Gurugram commissioner of police, said, “It was found that from inside the bangles were not of gold but some other metal on which gold was plated and placed with a fake hallmark (certification of purity).”

When this was brought to the notice bank officials, they investigated Kumar’s previous loans and found discrepancies.

Dhanesh Chaudhary, regional head of IDBI Bank, in his complaint filed on Sunday with the sector 50 police station said Kumar in connivance with the city-based jeweller, cheated the bank of ₹8.65 lakh.

“Had the jeweller done his job properly, the bank would not have financed the fraudster and could have been saved from the loss,” said the complainant.

On the basis of the complaint a case was registered against the accused and jeweller under section 120B (criminal conspiracy) and 420 (cheating) of IPC. “We are conducting raids to arrest the suspect,” said Rao.