Stephan Kayyar

Daijiworld Media Network–Kasargod (EP)

Kasargod, Jun 7: Two cooperative bank branches were reportedly duped of Rs 3.78 crore after pledging fake gold. Two bank managers have been suspended in connection with these incidents.

The cheating was reported at Nayammaramoole and Vidyanagara branches of Muttathodi cooperative bank. Bank staff Sathyapalan (45), Jayarajan (45), residents of Pallikere and K A Abdul Majeed (29), resident of Citizen Nagar have been produced in the court and are under judicial custody with regard to the incidents.

The bank management has suspended Vidyanagara branch manager, Santhosh and Nayammaramoole branch manager Vijilesh after cheating was reported.

A cheating of Rs 3.56 crore was reported from Nayammaramoole head office and Rs 22.25 lac from Vidyanagar branch.

Police suspect that large networks of fraudsters are behind these incidents. Vidyanagara police are investigating the case. The case may be handed over to crime branch for further investigations said police.

Preliminary investigations have revealed that nearly 50 people including women have pledged fake gold and borrowed loan. The cheating has occurred with the help of bank staff.

A youth named Majid had borrowed Rs 7 lac after pledging fake gold on June 1. The bank staff had certified that the gold was genuine. However as some bank staff suspected that it was fake, they verified it with a jeweller and found that it was fake. The staff called Majid and made him pay Rs 7 lac with interest. The bank staff again checked the gold worth Rs 50 lacs pledged by him and his friends and found that it was also fake.

After the complaint was lodged, police conducted investigation and found that a network was behind this fraud.

It is said that more such cheating incidents may come to light after complete investigation.