Tuesday, May 26, 2020 | Last Update : 10:16 AM IST

63rd Day Of Lockdown

Maharashtra52667157861695 Tamil Nadu170828731119 Gujarat144686636888 Delhi140536771276 Rajasthan73004056167 Madhya Pradesh68593571300 Uttar Pradesh64973660169 West Bengal38161414278 Andhra Pradesh2886189256 Bihar273773313 Karnataka218270544 Punjab2081191340 Telangana1920116456 Jammu and Kashmir166880923 Odisha14386497 Haryana121380216 Kerala8975326 Assam549634 Jharkhand4051484 Uttarakhand349584 Chhatisgarh292670 Chandigarh2661874 Himachal Pradesh223634 Tripura1981650 Goa67190 Puducherry49170 Manipur3640 Meghalaya15121 Nagaland300 Arunachal Pradesh210 Mizoram110 Sikkim100

Gold valuer dupes Indian Bank of Rs 3.7 crore

THE ASIAN AGE.
Published : Sep 16, 2019, 3:42 am IST
Updated : Sep 16, 2019, 3:42 am IST

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.

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.
 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.

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.

Tags: indian bank, indian penal code
ADVERTISEMENT
ADVERTISEMENT