Daijiworld Media Network - Udupi (SP)

Udupi, Sep 27: Sastan branch of a nationalized bank in the district has been defrauded to the extent of Rs 8.41 lac by pledging spurious gold and raising loan against it.

In this connection, accused, Ratnakar Acharya, stands arrested. He has been remanded to 15 days judicial custody.

Ganesh Acharya from Brahmavar works as jewel appraiser for this bank. He has been accused of facilitating locals, Ratnakar Acharya and Srimati Acharya to raise loans from the said bank, by certifying about genuineness and weight of the gold pledged. A total of 218.2 grams of gold was pledged to the bank and loan of Rs 8.41 lac was raised. The fraud came to light during the revaluation of gold ornaments done once a year as per procedure through a different jewel appraiser.

On the basis of complaint filed by Nataraj, deputy general manager of its regional office here, a case has been registered in Kota police station.

Doubts have arisen about chances of Ganesh Acharya himself availing of the loan amounts by getting the ornaments pledged through third parties. It is said that a few who signed documents for raising small loans cleared their loans out of their own funds to escape legal action. The appraiser also works in that capacity for some more banks, and it is likely that he would have cheated those banks in similar fashion. He is currently not traceable, it is learnt.