Mangaluru: Police have registered a case against 28 individuals, including key officials of the Samaja Seva Cooperative Society in Bantwal, over a fraud involving a loan of ₹2.11 crore. Fake gold ornaments were allegedly used as collateral at the society’s Padil branch to secure the hefty loan.
Among the accused is Vivek Acharya, the society’s gold appraiser, who has been arrested. The complaint was filed by Lokanath D, a former society director, who disclosed the details at a press conference on Tuesday. Lokanath alleged that Abubakar Siddique, the primary accused, secured the loan using counterfeit gold bangles, which were fraudulently certified as genuine by Acharya. He further claimed that the disbursement was facilitated by the branch in-charge manager, Prashanth, under the directive of senior officials, including the president and directors.
The fraudulent loans were issued between November 2023 and February 2024, violating society rules that limit daily loans against gold to ₹20 lakh. The scam came to light in February, with subsequent complaints lodged in April and July. Despite these efforts, Lokanath accused the sub-registrar of prematurely closing the investigation without considering key witness statements.
A secret auction of the fake gold ornaments allegedly took place during this time, and ₹1.31 crore remains unrecovered. The complainants escalated the matter, prompting a formal complaint at the Mangaluru CEN police station.
Senior members, including former director Hemant Salyan, supported Lokanath’s claims at the press conference. Investigations are ongoing.
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