Loan for fake gold: Three customers of Majbail bank arrested

Police arrested three persons in connection with the loan for fake gold scam at Majbail Service Cooperative Bank.

Published: 30th June 2016 07:04 PM  |   Last Updated: 30th June 2016 07:11 PM   |  A+A-


Rajesh and Nilesh, arrested in connection with the loan for fake gold scam at Majbail service cooperative bank. | EPS

KASARGOD: Manjeshwaram police have arrested three persons in connection with the 'loan for fake gold' scam at CPI-controlled Majbail Service Cooperative Bank.

Kumbla circle inspector who made the arrests identified the accused as Lakshmi Acharya (35), wife of the bank's appraiser Chakresha Acharya, brother Rajesh (34), and friend Nilesh (30). All the three persons have taken loans multiple times by pledging fake gold with the bank, he said.

Chakresha, the main accused, is absconding, said the inspector.

Inspectors of the department of cooperation had detected a fraud of Rs 44.80 lakh in the bank, following which the board of directors suspended its manager Ramdas Kadambar pending enquiry.

According to cooperation joint registrar Surendran K, who is spearheading the investigation, he first detected the loan for fake gold scam at Majbail bank in March. "I found out that Rs 17.55 lakh was given as loan based on fake gold. But then I thought it was an isolated case," he said.

In June, the inspectors of department stumbled on Rs 4.06 crore fraud at IUML-controlled Muttatody Service Cooperative Bank, following which Surendran ordered the inspection of all the service cooperative banks in the district.


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