Agra: Gang duping banks, finance companies by pledging fake gold busted; four held

The gang was involved in manufacturing a metal similar to gold and availing gold loans from finance companies and banks while pledging it as security

A special operation group (SOG) assisted by surveillance team and police from Kamla Nagar police station of Agra busted a gang and arrested four of its members found involved in manufacturing a metal similar to gold and availing gold loans from finance companies and banks while pledging fake gold as security.

The accused did not pay back the loan and refused to contact the company when asked for it, informed police. (FOR REPRESENTATION)

“A case was registered on the complaint lodged by the manager of Muthoot Fincorp Limited, a company engaged in providing gold loans wherein funds are provided to applicants who offer gold as security for the loan. The manager had complained that a loan of ₹1,40,000 was availed on September 2, 2022, by one of the accused Lala Lalwani while offering a bracelet claimed to be of gold,” informed deputy commissioner of police Agra Vikas Kumar.

“The audit team of the company found the bracelet offered as security was not of gold but of a metal having very low purity but resembling gold in appearance. The accused did not pay back the loan and refused to contact the company when asked for it,” informed Vikas Kumar.

“On the complaint lodged by the manager, a case was registered at Kamla Nagar police station under sections 420/406/467/468/471 and 120B of the Indian Penal Code (IPC). The police have arrested Lala Lalwani, the borrower of the loan and his accomplice Rajkumar Chudeja alias Raju, Arvind Chaudhary and Virendra Gidwani alias Veeru,” stated DCP Agra during a press conference on Sunday evening.

“During interrogation, it was revealed that all were working as a syndicate of which two members are still absconding and being searched by police. The idea was to have a metal manufactured which appeared as gold but with very low purity and used either by themselves or others to avail loan from different banks and finance companies providing a gold loan, which were not repaid causing losses to lender,” stated DCP Agra.