Mumbai, October 17: A 41-year-old man was arrested by Kharghar police for allegedly obtaining a loan against counterfeit gold ornament at Muthoot Fincorp in Kharghar. The financial institution detected the fake mangalsutra and promptly alerted the police. The accused, identified as Sumedhkumar Sivannandan, visited the Muthoot Fincorp office in Kharghar’s Sector 21 to secure a loan amounting to Rs 4 lakh. Fake Gold Scam in Mumbai: Man Defrauds Bank Of Rs 1.38 Crore With Forged Yellow Metal, Arrested.

According to a Free Press Journal report, during the verification process, Muthoot Fincorp subjected the mangalsutra to a touchstone test, which revealed that it was counterfeit. As a result, the accused, Sumedhkumar Sivannandan, was apprehended and handed over to the Kharghar police. The police have since filed a case of cheating against him. New Online Gold Trading Scam: Cyber Fraudsters Duping People by Making Them Invest in Fake Gold Trading Websites, Money Trail of Rs 3,000 Crores Traced by Uttarakhand Authorities; Know Modus Operandi of Digital Thugs.

Last Week, Mumbai Police arrested a man in connection with a fake gold scam. The accused, identified as Vikrant Ramesh Rathod, was arrested by the Bangur Nagar police one year after he defrauded a bank of Rs 1.38 crore by providing fake gold. A case was registered against the accused under relevant sections of the Indian Penal Code (IPC). The scam occurred at the Marve Road branch of the Bank of India in Malad's Mith Chowki. The bank introduced several loan schemes for its account holders in July 2021, including the gold loan facility. The report said Sapna Bhatt, the proprietor of Bahuchar Enterprises, was designated by the bank to verify the purity of gold for the gold mortgage scheme. After the verification of their gold, account holders who require loans against their gold are eligible to receive them.

(The above story first appeared on LatestLY on Oct 17, 2023 06:59 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).