Nearly eleven individuals had been arrested for availing loans of Rs 40 lakh by mortgaging faux gold at a financial institution in Paralakhemundi of Gajapati district.
Gajapati: Nearly eleven individuals had been arrested on Saturday on fees of availing loans of over Rs 40 lakh by mortgaging faux gold at a financial institution in Paralakhemundi of Odisha’s Gajapati district.
According to sources, the financial institution supervisor of the Bank of India of Paralakhemundi department, recognized as Manoj Kumar Palka, filed a grievance in close by police station alleging that 11 individuals had taken 21 gold loans, amounting to Rs 40.75 lakh, by depositing faux gold.
During investigation it was additionally revealed that the the gold appraiser, recognized as J Venkat Brahman, appointed by them had licensed the faux gold to be real by taking fee from the loanees. However, one other loanee is absconding.
The Paralakhemundi police are additional investing the case. They suspect involvement of financial institution staffer within the fraud, says dependable report.
Further detailed studies associated to case are awaited.
