11 arrested for taking loan of Rs 40 lakh by mortgaging fake gold in Gajapati

Gajapati: Nearly eleven people were arrested on Saturday on charges of availing loans of over Rs 40 lakh by mortgaging fake gold at a bank in Paralakhemundi of Odisha’s Gajapati district.

According to sources, the bank manager of the Bank of India of Paralakhemundi branch, identified as Manoj Kumar Palka, filed a complaint in nearby police station alleging that 11 persons had taken 21 gold loans, amounting to Rs 40.75 lakh, by depositing fake gold.

During investigation it was also revealed that the the gold appraiser, identified as  J Venkat Brahman, appointed by them had certified the fake gold to be genuine by taking commission from the loanees. However, another loanee is absconding.

The Paralakhemundi police are further investing the case. They suspect involvement of bank staffer in the fraud, says reliable report.

Further detailed reports related to case are awaited.