Ullal: Fake gold loan scam busted – Six arrested

Mangalore Today News Network

Ullal, Nov 27, 2025: Police have arrested six people in connection with a major fraud involving pledging fake gold ornaments worth several lakhs of rupees at a finance firm in Tokkottu. One accused is still absconding.

Those arrested are Vikram (a native of Maharashtra), Ismail of Harekala, Muhammad Misbah, Umar Farooq of Katipalla, Imtiyaz of Ullal Melangadi, and Zaheem Ahmed of Manchila. Naufal from Hejamady is reported to be on the run.

 

On November 22, around 5 pm, Naufal and Zaheem Ahmed visited a finance company on Konaje–Vivekananda College Road. They attempted to pledge two gold chains weighing 41 grams to obtain a loan. When the owner Dinesh Rai and staff member Nikesh inspected the ornaments, they found a 916 purity hallmark, and the jewellery also appeared genuine when tested on a touchstone. Based on this, a loan of ₹3,55,000 was sanctioned in Zaheem Ahmed’s name.

Again, on November 24 at around 5 pm, Imtiyaz from Ullal Melangadi arrived at the same finance firm. He attempted to pledge two chains and a bracelet weighing 55 grams, seeking a loan of ₹4,80,000. These ornaments also bore the 916 hallmark and passed the touchstone test. When asked about the purchase, he claimed the gold was from Dubai.

However, growing suspicious, owner Dinesh Rai took both sets of ornaments—the ones pledged by Zaheem Ahmed on November 22 and those brought by Imtiyaz—to his goldsmith friend Uday Acharya in Mangaluru. When the items were immersed in acid and heated, they produced froth, confirming that they were fake.

Following this discovery, Dinesh Rai filed a complaint at Ullal Police Station. Based on the complaint, police registered a case against Zaheem Ahmed, Naufal, and Imtiyaz. Imtiyaz was arrested first, and during interrogation, he provided information that helped police apprehend the other accused.

Police have seized six mobile phones, ₹47,000 in cash, and 141 grams of 9-carat fake gold ornaments from the arrested suspects.