Six individuals have been arrested for allegedly attempting to cheat a local finance firm by pledging fake gold ornaments as 22-carat jewellery to secure loans. The arrests were made by Ullal police, who also seized 141 grams of low-purity ornaments, six mobile phones and ₹47,000 in cash from the accused. Officers said the case highlights a growing trend of fraudulent pledging of imitation jewellery at private financial institutions.
Finance firm flags suspicious gold pledges
According to police, the fraudulent activity began on 22 November when two accused — Naufal and Zaheem Ahmed — visited Guru Raghavendra Finance & Investment, located at Dwaraka Complex in Tokkottu. The pair allegedly pledged 41 grams of 9-carat ornaments, misrepresenting them as 22-carat jewellery, and secured a loan of ₹3.55 lakh in the name of Zaheem Ahmed.
The firm did not initially suspect wrongdoing, but a similar attempt two days later triggered concern. On 24 November, accused Imtiyaz reportedly visited the same firm and tried to pledge another set of gold-like ornaments. Staff noticed inconsistencies in the appearance and weight of the items and conducted a verification, which confirmed the ornaments were fake. The finance firm immediately filed a police complaint.
A case was then registered at Ullal police station under Crime No. 248/2025 on 25 November.
Swift arrests across multiple locations
As part of the investigation, Ullal police conducted coordinated searches across Mangaluru and its outskirts. On the night of 25 November, officers arrested accused Imtiyaz and Zaheem Ahmed near Thokkottu Junction around 9 pm. Both were reportedly involved in the initial pledging attempts.
The next morning, police arrested two more suspects — Vikram Amrutlal Bagha and Mohammad Ismail — near Pumpwell. Shortly afterwards, another pair, Umar Farooq and Mohammad Bista, were apprehended near KPT, Mangaluru, at around 10:15 am.
From Vikram Amrutlal Bagha, police seized ₹47,000 in cash, suspected to be linked to the fraudulent transactions. From Umar Farooq, officers recovered a 20-gram chain that resembled gold but was later found to be made of 9-carat material. From Mohammad Bista, six rings weighing 25 grams were seized.
Police also recovered the 41-gram chain pledged by Zaheem Ahmed and the 55-gram chain submitted by Imtiyaz. Investigators additionally seized a brass light believed to be connected to the case.
Accused allegedly sourced fake gold from one supplier
During questioning, officers discovered that the alleged supplier of the fake 9-carat jewellery used in the fraud was Vikram Amrutlal Bagha. Police believe he procured low-purity or imitation ornaments and distributed them to others involved in the scheme, who then attempted to pledge them at finance firms as high-purity gold.
Authorities said they are now investigating whether the group had targeted other financial institutions in the region and whether additional individuals were involved in the procurement and distribution network.
Police urge firms to strengthen gold verification
Investigators said the case underscores the need for gold loan companies and private lenders to conduct stringent checks before accepting pledged jewellery, especially since adulterated or imitation gold continues to circulate in local markets.
Police officials said further investigation is underway to trace the full chain of procurement and identify any remaining associates.
Conclusion
The swift arrests across Mangaluru indicate that the Ullal police are closely tracking fraudulent loan-related activities. With the alleged supplier identified and multiple recoveries made, authorities expect to uncover more details about the network in the coming days.