A man has been arrested by the Kothamangalam police for allegedly cheating a private financial institution by pawning fake gold ornaments. The accused, identified as Bobby Philip, aged 36, hails from Bison Valley in Idukki district. The arrest occurred on Wednesday when Philip was caught attempting to pawn more fake gold ornaments at a pawn shop located in Kuthukkuzhi.
According to police reports, this was not the first time Bobby Philip had engaged in such fraudulent activities at the institution. In fact, he had previously committed similar frauds twice at the same financial establishment. Each time, he presented fake gold items as collateral for loans, successfully deceiving the institution until he was caught in this latest attempt.
The Kothamangalam police have initiated an investigation, and further legal action will be taken based on the extent of the fraud. Authorities are also looking into whether Philip may have been involved in similar crimes in other areas.