Hyderabad, October 24: The Bank of India was defrauded of INR 4.4 crore by a network of employees and accomplices who exploited the bank's gold loan scheme using fake gold ornaments. The scam unfolded at the Khairatabad branch, where staff members colluded with an authorised gold evaluator and customers to secure loans against fake jewellery. The fraudulent activities reportedly occurred between April and August before being discovered due to suspicious employee behaviour. A thorough investigation is now underway by the Central Crime Station in Hyderabad.

The case came to light when bank officials noticed irregularities in the gold loan applications processed by Kalim Baig, a staff member at the Khairatabad branch. Baig had been using certificates issued by D Bhanuchander, an authorised goldsmith, but continued to use his services even after being transferred to Siddipet, raising suspicions among his colleagues. Upon further investigation, it was revealed that the gold pledged for loans was not genuine, prompting the bank to act. Telangana Cyber Scam: NRI Duped of INR 1.40 Lakh After Fraudsters Create Fake Social Media Profile, Threaten To Leak Obscene Content to Family in Hyderabad, Probe Launched.

A Times of India report detailed how the scheme operated, highlighting the intricate collaboration between Baig, Bhanuchander, and certain customers. Authorities discovered that the fraudulent loans were granted against imitation jewellery, which was certified as genuine by the involved goldsmith. This collusion allowed the fraudsters to siphon off large sums of money without raising immediate alarm. Between April and July, Baig processed numerous loan applications based on dubious certificates that inaccurately valued the pledged gold, ultimately affecting 44 different accounts. Mule Account Scam: Fraud Worth INR 175 Crore at Hyderabad SBI Branch, Manager Among 4 Arrested.

As the investigation progressed, it was found that several beneficiaries of the loans were relatives of Baig's colleague, Arif Ahmed, indicating deeper ties within the scheme. The Central Crime Station is now scrutinising all loans sanctioned by Baig, and the bank is implementing stricter controls to prevent similar incidents in the future.

(The above story first appeared on LatestLY on Oct 24, 2024 10:13 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).