The district crime branch police in Coimbatore arrested a couple, Kumaresan (34) and his wife Nagadarshini (29), for their involvement in a massive gold loan fraud. The couple, along with their relative Saravanan and three accomplices, cheated a gold loan firm of Rs 21.9 lakh by pledging 498 grams of fake gold ornaments.
In 2023, Kumaresan and Nagadarshini, along with Saravanan, pledged 505.95 grams of gold ornaments at the Periyanaickenpalayam branch of a well-known gold loan firm. The couple’s deceptive scheme was uncovered during a routine audit by the firm, which found that only eight grams of the pledged ornaments were made of genuine gold. The rest were low-quality imitation jewellery.
The branch manager, Jebaseelan Samraj, filed a complaint, prompting an investigation by the district crime branch police. The police have since arrested Kumaresan and Nagadarshini. They also registered a case against the three other accomplices: Russia Begum, the former branch manager, appraiser Nishanthini, and another employee, Rajalakshmi, for their roles in the fraud.
The police have launched a manhunt for Saravanan, Russia Begum, Nishanthini, and Rajalakshmi, who are still at large. Investigations revealed that the fraud took place between November and December 2023, when the group exploited their positions within the gold loan firm to collude in the scam.