Udupi: Man pledges fake gold, cheats Co-Op Society of Rs 20.62 lakhs

Udupi: Man pledges fake gold, cheats Co-Op Society of Rs 20.62 lakhs

Mangalore Today News Network

Udupi, Sept 10, 2023: Adarsh Consumer Multipurpose Co-Op Society secretary has filed a formal complaint with the Udupi City Police against an individual who had pledged counterfeit gold ornaments and obtained substantial loans from the Co-Op Society’s Brahmagiri branch.

The complaint has revealed that the accused, named Riyaz, had pawned the counterfeit gold jewelry with the bank on multiple occasions between June 17th and September 2nd, resulting in a cumulative amount of 20.62 lakhs.

On September 5th, Riyaz, accompanied by his wife and David Abubakar, visited the society and applied for a loan using two necklaces as collateral. However, when the jewelry was examined by the society’s jeweler, it was conclusively identified as counterfeit. At that juncture, Riyaz vacated the premises and absconded. A case has been duly registered at the Udupi City Police Station in connection with this incident.

Suspicion had initially arisen due to concerns that Riyaz may have previously subjected all the gold and jewelry he had pledged to scrutiny, with the findings confirming their inauthenticity. A case has been filed in the Udupi city police station regarding this matter.