3 weeks ago
Three Arrested in Bengaluru Fake Gold Loan Racket Cheating Businessman
Some people in Bengaluru tricked a businessman out of a very large amount of money.
They promised him gold that a bank was supposed to be selling.
But the police say the gold was actually fake jewellery.
Three men were arrested by the Peenya police for this trick.
One of the men worked at a bank and checked gold for the bank.
The police say he marked fake jewellery as real gold.
This helped the other two men get loans from the bank using the fake gold.
The two men opened about 15 bank accounts using other people's names.
The police are still trying to find where all the money went.
They also want to know if anyone else helped with the plan.
Peenya police in Bengaluru arrested three men on Wednesday over an alleged fake gold loan racket.
The arrests followed a city businessman's complaint that he was cheated out of Rs 1.5 crore over promised bank-auctioned gold.
Nagesh (31) and Shashidhar (38) allegedly created around 15 bank accounts in acquaintances' names to secure fraudulent loans.
Jagadish (48), a bank gold appraiser, allegedly certified imitation jewellery as genuine to enable the loans.
Police are tracing the money trail and investigating whether more people were involved in the conspiracy.
- Who
- Nagesh (31), Shashidhar (38), and Jagadish (48), a bank gold appraiser
- What
- Three men were arrested for allegedly running a fake gold loan racket and cheating a businessman of Rs 1.5 crore
- Where
- Bengaluru, under the jurisdiction of Peenya police
- When
- Wednesday
- Why
- To fraudulently obtain gold loans by pledging imitation jewellery falsely certified as genuine
Key facts
- Arrested persons
- Nagesh (31), Shashidhar (38), Jagadish (48)
- Amount involved
- Rs 1.5 crore
- Police station
- Peenya police, Bengaluru
- Fake bank accounts created
- Around 15
- Role of Jagadish
- Bank gold appraiser who allegedly certified fake jewellery as genuine
- Role of Nagesh and Shashidhar
- Allegedly created bank accounts in acquaintances' names
- Investigation status
- Money trail being traced; probe into other possible involvement ongoing










