Stephan Kayyar

Daijiworld Media Network – Kasargod (EP)

Kasargod, Jun 20: The number of cheaters borrowing money from banks pledging fake gold has increased with cheating to the tune of Rs 8 crore detected so far.

Investigations in all the cooperative banks in the district are in progress. Cheating in Muttathodi, Pilicode and Panayal Service cooperative bank has come to light.

The cheating in Muttathodi cooperative bank amounts to Rs 4 crore. Eight people including four bank staff have been arrested in this connection till now. Two of them are bank managers. This fact is worrying.

Workers from outside the state are also included among those who borrowed money after pledging fake gold. Officials are suspicious about other cooperative banks after detection of frauds in these three banks.

Preliminary report states that the frauds may amount to up to Rs 20 crores out of which cheating of Rs 8 crore is known now. The investigations in 69 cooperative banks and its branches in the district are in progress. 85 persons will be in charge of investigations, it is revealed.

As per statistics Rs 1,000 crore worth gold has been pledged in the cooperative banks in the district. District bank alone has lent Rs 150 crore gold loans. It is yet to be ascertained how much of the gold is genuine.

The involvement of bank staff including bank managers and appraisers is confirmed in the frauds in three banks. Appraisers are appointed to make sure that the gold pledged is genuine. The appraisers check the gold before handing it over to the manager.

The investigating team is thinking whether to hand over the cases to Crime branch as increasing number of cases are coming to light.