In a major crackdown on financial fraud, Shivamogga police have arrested two individuals for allegedly availing a gold loan of Rs 28 lakh by mortgaging fake ornaments. The arrests were made following a detailed investigation by the local police.
Details of the Arrest
Superintendent of Police B Nikhil confirmed that Lokesh B J (39) from Thirthahalli and Sudha H from Shivamogga have been taken into custody. The accused are believed to have colluded with others to execute the fraud. Three more suspects, including a bank employee, remain at large.
The absconding individuals have been identified as Rahul and Sharath, both from Thirthahalli, and SY Ravishankar, the gold appraiser at Punjab National Bank in Shivamogga. Their roles in the scheme are under investigation.
Modus Operandi
According to police sources, the accused approached Punjab National Bank with fake gold ornaments to secure a loan. The gold appraiser, Ravishankar, allegedly facilitated the fraud by approving the fake items as genuine. The total loan amount fraudulently obtained was Rs 28 lakh.
The police acted on a tip-off and launched an investigation, leading to the arrest of Lokesh and Sudha. Efforts are underway to apprehend the remaining suspects.
Impact and Investigation
The fraud has raised concerns about the verification processes in gold loan disbursement. The police are examining the bank's records to determine if there were any lapses in security or due diligence. The arrested individuals are being questioned to uncover the full extent of the conspiracy.
SP Nikhil stated, “We are committed to bringing all the culprits to justice. The investigation is progressing, and we expect to apprehend the remaining accused soon.”
The case highlights the need for stricter checks in financial institutions to prevent such fraudulent activities. The police have urged the public to report any suspicious transactions.
