A major fraud involving a loan of Rs 2.11 crore secured using fake gold ornaments as collateral has led to the registration of a case against 28 individuals, including the president, directors, and the in-charge manager of the Samaja Seva Cooperative Society in Bantwal. This fraudulent loan was secured at the society’s Padil branch in Mangaluru.
The arrest of Vivek Acharya, the society’s gold appraiser, marks a key development in the case. Acharya is the second accused, following the prime suspect Abubakar Siddique, who allegedly secured the loan using counterfeit gold bangles. Siddique, a resident of Puttur Ishwaramangala, presented the fake ornaments as genuine, with Acharya certifying them. The loan was reportedly disbursed by Prashanth, the branch’s in-charge manager, under the direction of the society’s president, vice president, directors, and general manager.
The fraudulent loans were issued between November 13, 2023, and February 3, 2024. The fraud came to light in the first week of February, and a formal complaint was filed with the Mysuru Registrar on April 10, followed by complaints to the district commissioner and police superintendent on July 1.
Despite the complaints, the sub-registrar allegedly closed the case without recording the complainants’ statements. During police questioning, the accused denied the charges and provided false statements. It was also revealed that a secret auction of the fake gold ornaments was conducted during this period.
Notably, the fraudulent loan amount included an unpaid Rs 1.31 crore, and the society’s rules were violated, as the maximum loan limit per day against gold ornaments was Rs 20 lakh. After meeting with the police commissioner, a formal complaint was filed with the Mangaluru CEN police station.
The investigation into this case continues, with Vivek Acharya arrested, and police are seeking further leads regarding the involvement of other individuals.
