Canara Bank: Gold loan fraud worth ₹7cr unearthed in Maharashtra
What's the story
A major fraud of ₹7.31 crore has been unearthed at a Canara Bank branch in Jalna, Maharashtra. The police have revealed that ornaments from gold loan accounts were stolen and replaced with fake jewelry. In connection with this case, two people have been arrested so far while the investigation is still underway to determine if a larger conspiracy involving more people exists.
Discovery
Fraud uncovered during routine revaluation of gold loans
The fraud was uncovered during a routine quarterly revaluation of the gold loan packets stored at the bank. On April 22, officials discovered many packets containing fake gold. The investigation revealed that 22 gold loan packets worth ₹3.79 crore contained fake jewelry, while 30 packets of gold worth ₹3.52 crore were missing from the strong room, an official from Badnapur police station said.
Evidence
Bank officer caught stealing gold packets
CCTV footage from April 23 allegedly shows a bank officer stealing gold packets from the strong room and hiding them. The branch manager is accused of breaching security protocols by letting the officer into the strong room alone, showing negligence in duty. A gold appraiser has also been accused of certifying fake gold as genuine, aiding in the fraud.
Legal action
Case registered under BNS
Based on a complaint by a senior bank official, the Badnapur police have registered a case against the three accused under charges of criminal breach of trust, fraud and negligence under the Bharatiya Nyaya Sanhita. The police are currently investigating the matter further to identify any other possible culprits involved in this major fraud.