Gajapati: Eleven persons, including a goldsmith, were arrested on Saturday on charges of availing loans of over Rs 40 lakh by mortgaging fake gold at a bank in Odisha’s Paralakhemundi.
They were arrested on the basis of a complaint filed by Manoj Kumar Palka, manager of Paralakhemundi branch of Bank of India, on May 5, alleging that 11 persons had taken 21 gold loans, amounting to Rs 40.75 lakh, by depositing fake gold. The bank also found that the gold appraiser, J Venkat Brahman, appointed by them had certified the fake gold to be genuine by taking commission from the loanees, informed Paralakhemundi IIC Babuli Nayak.
Another loanee is absconding.
Police are further investing the case, suspecting involvement of bank staffer in the fraud, he added.
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