mangalore today
Saturday, February 22


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

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.


 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.

Write Comment | E-Mail | Facebook | Twitter | Print
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 .
Write your Comments on this Article
Your Name
Native Place / Place of Residence
Your E-mail
Your Comment
You have characters left.
Security Validation
Enter the characters in the image above