Kodagu Police Arrested 12 Individuals For Fake Gold Loan Scam
In a major crackdown, Kodagu police arrested 12 individuals involved in a fake gold jewellery loan scam racket spanning multiple banks. One suspect remains at large. The accused hail from Napoklu, Bhagamandala, and Kerala.
The scam was exposed after Moosa, 37, a resident of Emmemadu, pledged counterfeit gold bangles at DCC Bank in Madikeri. Further investigation uncovered similar fraudulent loans in other DCC Bank branches, including Bhagamandala and Virajpet, as well as cooperative banks.
SP K Ramajan revealed that the operation was orchestrated by mastermind Mohammed Kunhi, 48, from Ernakulam, Kerala. Kunhi collaborated with Pradeep, a 60-year-old goldsmith from the same area, to produce the counterfeit jewellery. Using copper as the base material, the gang plated the items with 1.5 grams of gold, making them appear genuine.
This elaborate scheme highlights vulnerabilities in bank loan verification processes. Police continue their search for the absconding accused while intensifying efforts to recover defrauded funds.
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