3 hrs ago
Two Arrested in Rs 59.30 Lakh Gold Finance Fraud
Police in Hanamkonda arrested two people over an alleged money fraud.
The police say they made a fake receipt about gold being kept as security.
The receipt claimed that about 640 grams of gold had been pledged.
A gold finance company trusted the receipt and sent Rs 59.30 lakh to a credit union account.
The gold was not physically checked by the company representative.
Police say the money was later used for other purposes.
Officers seized mobile phones and a copy of the alleged forged receipt.
They are investigating whether more people or other companies were involved.
Hanamkonda police arrested Elimi Santhosh and Vaddepalli Ranjith on Thursday.
Police allege the pair created a fake receipt claiming 640 grams of gold had been pledged.
The forged document allegedly helped them obtain Rs 59,30,000 through an RTGS transfer.
Police said the money was later diverted for other purposes after complaint threats.
Investigators seized their mobile phones and a forged pledge document while checking for additional involvement.
- Who
- Elimi Santhosh, chairman and CEO of Sriman Co-operative Credit Union, and businessman Vaddepalli Ranjith were arrested.
- What
- Police allege that the two defrauded a gold finance company of Rs 59.30 lakh using a forged pledge receipt.
- Where
- Hanamkonda.
- When
- The arrests were made on Thursday; the article does not provide a date.
- Why
- Police allege the pair used a fake receipt claiming that approximately 640 grams of gold had been pledged to obtain the funds.
Key facts
- Amount allegedly defrauded
- Rs 59.30 lakh
- Arrested individuals
- Elimi Santhosh and Vaddepalli Ranjith
- Alleged collateral
- Approximately 640 grams of gold
- Alleged method
- A forged gold pledge receipt
- Transfer method
- RTGS transfer to Sriman Co-operative Credit Union’s account
- Evidence seized
- Mobile phones and a copy of the forged pledge document
- Investigation status
- Further investigation is underway, including checks for other people and possible similar frauds
Sources
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