In a shocking case of fraud, four bank-appointed creditors and twelve account holders allegedly swindled Rs1.78 crore by mortgaging counterfeit gold. The scheme involved presenting fake gold as collateral, with creditors falsely certifying its authenticity to secure loans. So far, the Goregaon police have arrested one account holder.
After a six-month investigation, the police apprehended the prime suspect, Narendra Yashwant Gosavi. Working alongside the four bank valuers, he secured gold loans 29 times for 11 other account holders, embezzling more than Rs1.78 crore from the nationalised bank.
The accused gold valuers have been identified as Vira Kusoji Brahmachari, Sunil Shukla, K. Nagraj, and Subhsh Singvi. Together with Gosavi, they facilitated loans for twelve account holders, including Sweta Sachin Murudkar, Sachin Sakharam Murudkar, and several others.
The fraudulent activity stemmed from a gold loan scheme launched by the bank between May 2023 and March 2024. According to the bank manager, the valuers certified the fake gold jewellery as genuine, allowing the loans to be approved. Between July 2021 and April 2023, the twelve account holders collectively received loans amounting to Rs1.78 crore, which were distributed across 29 different bank accounts.
A special audit later revealed that the gold submitted by these account holders was fake. Despite knowing that the jewellery was counterfeit, the valuers approved the loans. Following this discovery, the bank manager filed a complaint with the Goregaon police, leading to the registration of a case under various sections of the BNS.
Gosavi, who confessed to taking a loan using fake gold, was arrested last week, presented in court, and remanded in police custody. Authorities expect further arrests as the investigation continues.
