Daijiworld Media Network - Udupi (UM/EP)

Udupi, Nov 24: A man has been found to have allegedly created 64 loan accounts in the Udupi main branch of SCDCC Bank and cheating the bank by pledging fake gold in a majority of them over a period of time. The incident came to light on Thursday November 24.

The accused, K Raghavendra Shet, has a jewellery shop in Udupi and has been SCDCC Bank customer since 2012. Another accused, N Ramadas Shet, is employed in the Bank as gold appraiser since 1997 and faces charges of allegedly preparing fake reports for loan sanction to Raghavendra.

Raghavendra had also pledged some amount of genuine gold and out of the many accounts, he got some of the gold released from 11 after repaying the loans one by one till May this year.

As Raghavendra stopped repaying the loan in other accounts, the Bank sent him notice asking him to repay the pending loans. He assured them that he would repay. However, the Bank staff grew suspicious and called a gold appraiser from their head office and found during verification that there was fake gold along with genuine gold among the pledged jewellery.

It was also found that Raghavendra had 64 loan accounts and that Ramadas Shet had allegedly prepared false records to help him borrow the loans.

A complaint has been registered in this regard in Udupi police station and investigation is on.