Mumbai, October 19: Three people have been booked for obtaining a loan by pledging fake gold at a bank in Colaba. The incident occurred at GS Mahanagar Co-operative Bank. The Colaba police have also implicated the goldsmith appointed by the bank in this case because he had declared fake gold as genuine. Following which, the bank granted a loan of Rs 18.70 lakh.

According to the complainant, Sanjay Warkhade (37), who works as a senior manager at GS Mahanagar Co-operative Bank Limited, a person named Anil Mote wished to get a loan by using gold as collateral at the bank. The bank then employed a goldsmith named Bhairawlal Jain, whose responsibility was to assess the authenticity of the gold and determine its fair value to facilitate the loan process the bank had engaged. Mote submitted gold jewellery to the bank as collateral for the loan. Jain valued the gold at Rs 18.70 lakh after examination. Following Jain’s assessment, the bank approved Mote’s loan based on the quoted value. Fake Gold Scam: Man Held For Trying to Get Rs 4 Lakh Loan With Fake Mangalsutra in Navi Mumbai's Kharghar.

Initially, Mote made timely loan installment payments. However, he later ceased these payments. When the loan instalments stopped, the bank issued a notice to Mote, informing him that if he did not make the installment payments, the gold he had provided as collateral would be sold. Fake Gold Scam in Mumbai: Man Defrauds Bank Of Rs 1.38 Crore With Forged Yellow Metal, Arrested.

The matter came to light when the bank tried to sell the gold, it was discovered to be fake. Following this, the bank filed a cheating case against Mote and Jain. During police questioning, Mote admitted that he had received the gold from a person named Devidas Kawad and transferred the funds received from pawning the gold to Kawad’s account.

(The above story first appeared on LatestLY on Oct 19, 2023 05:58 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).