In a major fake gold jewellery loan scam reported across Kodagu district, a total of 10 accused have been arrested by the police, while two more individuals are still on the run. The accused are involved in a scheme where fake gold bangles, resembling real gold jewellery, were pledged at various banks to avail loans. The police have booked the accused under BNS 111 under the organized crime section.
The arrested individuals hail from Napoklu, Bhagamandala, and Kerala. The scam came to light after one of the accused, Moosa (37), a resident of Emmemadu village, pledged fake gold bangles at the DCC Bank in Madikeri. Further investigation revealed that similar fraudulent pledges were made across several DCC Bank branches in Bhagamandala and Virajpet, with a few also reported at local cooperative banks.
According to SP K Ramajan, the primary motive behind targeting DCC Banks was that these banks offered a higher loan amount for each gram of gold pledged compared to other financial institutions. The gang also targeted cooperative banks for the same reason.
The police were able to identify the mastermind of the scam, Mohammed Kunhi (48), a resident of Ernakulam, Kerala. Kunhi was in contact with a veteran goldsmith, Pradeep (60), also from Ernakulam, who assisted in crafting the fake gold jewellery. Using copper as the base material, the gang plated the jewels with just 1.5 grams of gold to make them appear authentic.
The special investigation team formed to track the accused uncovered that the gang had mobilized a larger network to carry out the scam. 223 grams of gold-plated bangles and Rs 2 lakh in cash have been seized. The police have identified a total of 12 accused, including Mohammed Kunhi, Pradeep, Mohammed Rizwan (35), Rizwan PH (39), Abdul Naseer (50), Navas KP (47), Nishad KA (43), Moosa (37), Mohammed Aneef (42), Katij (32), Rafeeq (38), and Farhan (33).
The accused had pledged a total of 652 grams of fake gold jewellery, defrauding the banks in the district of Rs 34.95 lakh. Many of the accused have pending cases and are believed to have been involved in similar scams across the state. Investigations are ongoing as the police work to capture the remaining suspects.