Co-op banks cheated by pledging fake gold: 2 managers suspended, 3 staff arrested

Mangalore Today News Network

Kasargod, June 8, 2016: Two co-operative bank managers have been suspended and three other staff taken into police custody in connection with cases of cheating of the banks of nearly Rs 3.78 crores by pledging fake gold.

pledging-fake-gold

Santosh, Branch manager of Vidyanagar branch of Muttathodi Co-operative Bank and Vijilesh, Branch Manager of Nayammaramoole branch of the Bank were suspended while bank staff Sathyapalan (45), Jayarajan (45) of Pallikere and K A Abdul Majeed (29) have been arrested and remanded to judicial custody.

If the Nayammaramoole branch was cheated of Rs 3.56 crores, the Vidyanagar branch was cheated of Rs 22.25 lakhs.

Currently, Vidyanagar police are investigating the case which is likely to be handed over to the Crime Branch.

Investigations so far have revealed that as many as 50 people including women have pledged gold to borrow loan.

The fraud came to light after the gold which was pledged by one Majid who had borrowed Rs 7 lakhs was found to be fake later on. On scrutiny it was found that Majid and some of his friends had borrowed Rs 50 lakhs after pledging fake gold.

Investigation revealed that there was a large network behind this fraud.

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Comments on this Article
Yathish Kumar, Kundapur	Wed, June-8-2016, 1:52
Instead of getting into such profession, if they had honestly work hard in good way to earn their living they would have prospered. Thea happiness gained by the sincere work will not be gt by any other. The whole racket has to be arrested by the police
Jayprakash rao, Panjim	Wed, June-8-2016, 1:37
This type of business does not last for long. The fruits of the hard earned money is always sweet and its always true. This will last long and not cheating .
Sujith kumar, Bengluru	Wed, June-8-2016, 1:34
Thanks to police department .done great job. women are not less these days they too a ready do anything for the sake of money.
Henry D’Souza, Mangaluru	Wed, June-8-2016, 1:29
Done great job because its not a easy task to pledge fake gold and get money. The manger and the staff too has to get the equal punishment. Because of the mutual understandings between the bank and the cheaters led to this .

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