Police in Pune are on the lookout for two individuals from Shirur, accused of orchestrating a sophisticated fraud against a private financial institution. The duo allegedly secured a substantial loan by pledging counterfeit gold jewellery, causing a loss of over five lakh rupees.
The Complaint and The Modus Operandi
The case came to light when the 43-year-old manager of the financial firm's Wagholi branch filed a formal complaint of cheating on Tuesday. According to the detailed police report, the two accused executed their plan in January of the previous year.
They approached the branch and mortgaged what was presented as gold jewellery weighing more than one kilogram. To appear legitimate, they completed all necessary paperwork, including filling out forms and providing their identity cards. Firm officials, following procedure, even conducted a preliminary check on the quality of the pledged items at the time.
Disappearing Act and Discovery of Fraud
After successfully obtaining the loan amount of Rs 5.32 lakhs, the men seemingly vanished. They never made a single EMI payment and did not return to the institution to reclaim their pledged "gold" over the entire past year.
This persistent default triggered alarm bells at the financial firm. Officials decided to trace the borrowers and visited the addresses provided in Shirur. To their shock, they discovered that the addresses were completely fake and non-existent.
The Final Revelation and Police Action
This red flag prompted a thorough re-examination of the mortgaged items. The financial firm's experts conducted a detailed inspection, which confirmed their worst fears: the entire set of jewellery was imitation and fake, with no real gold value.
The Wagholi police have now registered a case and launched a full-scale search for the two accused from Shirur. The investigation is focused on tracking down the individuals who meticulously planned the scam by using forged documents and counterfeit goods to deceive the lending institution.
This incident highlights the evolving methods of financial fraud and underscores the need for enhanced verification protocols in loan processing, even for assets presented as physically secure collateral like gold.
