Couple from Maryhill arrested for pledging fake gold and availing Rs 4.5 cr loan

Mangalore Today News Network

Mangaluru, July 26,2017 : Bunder police have arrested a couple hailing from Maryhill near Bondel in the city on the charges of cheating the Catholic Syrian Bank’s  branch near Falnir by pledging fake gold and availing loans to the  tune of Rs 4.5 crore.

The arrest was made following a complaint lodged by the  Bank staff after they found that the jewels pledged by the couple were fake. The accused are Vidyananda Rao (59) and his wife Lalitha Rao (52).

The Bank officials conducted a cross verification of the pledged jewels in the wake of the Udupi incident wherein a jeweller who had pledged fake loans with a co-operative bank had ended his life after poisoning his wife and daughters.

It has been gathered that the accused used to give gold coating to  bronze jewels making it difficult to identify even for the Bank’s jewel appraiser.

Further investigations are underway.