Police in Baidyanathpur, Ganjam district, Odisha, apprehended three individuals for allegedly defrauding six banks by mortgaging counterfeit gold jewellery worth crores. The accused, Abhinav Srivastava from Mirzapur (Uttar Pradesh), Biswajit Kar from Balasore, and Sheikh Manjur Elahi, were found in possession of fake gold bangles, earrings, and silver-coated ornaments.
The scheme involved convincing a local resident, P Purushottam from Hinjilicut-Badakhande, to open multiple bank accounts in his and his relatives’ names. The trio promised financial backing to start a prawn factory, using what they claimed was old gold jewellery as collateral for loans.
Over an 18-month period, Purushottam secured loans totaling over Rs20 lakh from banks located in Berhampur, Hinjilicut, and Mandia Palli. The fraud was exposed when Purushottam tried to sell some of the jewellery and discovered the items were merely gold-coated metal.
Following his complaint, police conducted a sting operation leading to the arrest of the accused in Berhampur. Investigations are ongoing to uncover the full extent of the racket and to identify any additional victims or accomplices.
