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Cooperative banks okayed loans worth Rs 10.99 crore against fake gold

Incidents of pawning fake gold to avail of loans from cooperative banks and swindling crores of rupees through fake loans are rampant in Kerala. 

Published: 27th August 2021 03:50 AM  |   Last Updated: 27th August 2021 03:50 AM   |  A+A-

Cash; Capital; investment

For representational purpose.

Express News Service

KOZHIKODE: Incidents of pawning fake gold to avail of loans from cooperative banks and swindling crores of rupees through fake loans are rampant in Kerala. 

The Cooperation department has revealed that fraudsters  took loans worth Rs 10.99 crore against fake gold from cooperative banks in recent years. Interestingly, bank staff were found involved in sanctioning many of the multi-crore loans.  Cooperation Minister V N Vasavan revealed the data in the recently-concluded assembly session. 

It said a whopping Rs 10,99,24,400 was sanctioned by cooperative banks against fake gold loans in 71 cases since 2014. Of the total cases, gold loan scam worth Rs 7.28 lakh was reported in Thiruvananthapuram while 18 cases of fake gold loan worth Rs 35.48 lakh were reported in Kottayam. Idukki reported 25 cases while fraudsters took Rs 10.86 lakh through loans. In Ernakulam, Rs 1.06 crore was sanctioned in three cases. 

Malappuram banks sanctioned Rs 1.83 crore against fake gold.  Kozhikode reported eight cases and Rs 13.96 lakh was sanctioned. In Kasaragod, Rs 5.6 crore has been sanctioned in five cases of fake gold loan scam. Though three cases were registered in Wayanad and four in Kannur and one in Kollam, government has not revealed the loan amount.  

MLA T V Ibrahim, who is one among the legislators who raised the question in the assembly, said sanctioning of crores of rupees against fake loans is rising in banks, mainly cooperative banks. 

“The crime should be prevented effectively. That is why I raised the issue in the Assembly. The government should intervene in the matter,”  he said, adding that his party will be intervening in the issue in coming days.



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