Mumbai: The Dharavi police has arrested a gold valuer, who was attached with a public bank in Mumbai, after he allegedly duped the institution to the tune of Rs 3.77 crore.
The accused, Ramaswamy Nadar (43), an Antop Hill resident, allegedly issued loans in lieu of fake gold ornaments that were deposited by dummy applicants in the bank.
He was attached with the gold loan department at Indian Bank’s Dharavi branch since the past two years and also runs a jewellery shop. The bank approached the police after they found that the gold they had planned to liquidate was fake.
The investigation revealed that Nadar had arranged the fake customers who applied for gold loans. Nadar valued their ornaments and gave a positive certification for the same after which the bank disbursed the loan amount. Nadar later siphoned the money by giving paltry payments to the fake applicants.
“The money trail is also being investigated and the accomplices who were applicants to the bank will also be questioned and action will be taken against them based on the probe findings,” said an officer of Dharavi police station.
The police questioned Nadar as he was part of the department and after initially denying having played any role, he spilt the beans, officials said.
After Nadar’s arrest, on Saturday, the police seized at least 77 packets in which the fake ornaments were kept in lockers.
The fakes were bought from Dadar and Nadar then made arrangements for the fake applicants who sought loans using bogus identity documents.
The investigation also led the police to some movable and immovable assets that Nadar had bought using the siphoned money. These items have been seized as evidence while the police is tracing the rest of the money.
A case has been filed against Nadar and the ‘applicants’ under sections of 420 (cheating) and 34 (acts of common intention) as per the Indian Penal Code. Nadar has been remanded in police custody for further investigation in the case.