Daijiworld Media Network - Udupi
Udupi, Nov 4: Two separate cases of financial fraud have come to light in the Udupi district, involving a vehicle auction scam in Kundapura and a fake gold loan racket in Udupi. Police have registered both cases following formal complaints from the victims.
In the first case, P P Josh from Muduru village has accused a private finance firm in Kundapura of cheating him under the pretext of a vehicle auction.
According to the complaint, the finance company had repossessed a 407 Tempo vehicle in 2024 and informed Josh that it would be auctioned in 2025. Josh agreed to purchase the vehicle for Rs 4.5 lac, but without his knowledge, the firm allegedly obtained his signature on documents for a loan of Rs 3.75 lac, effectively sanctioning a loan in his name.
When Josh later declined to take delivery of the vehicle and demanded a refund, the finance firm’s manager and two staff members allegedly threatened him, assuring that the money would be returned only after the vehicle was sold.
The firm later disbursed Rs 85,000 as a loan and claimed that the vehicle had been sold for Rs 2.8 lac, insisting that Josh must immediately repay the remaining Rs 1.96 lac or face arrest. Under duress, Josh reportedly paid Rs 75,000, but neither the vehicle nor the balance amount was returned. He has lodged a complaint alleging cheating, coercion, and financial misappropriation by the finance company.
In a separate case in Udupi, a man identified as Puneet Anand Kotyan has been accused of defrauding banks by pledging fake gold ornaments. Police said Kotyan approached the Bank of Maharashtra’s Udupi branch and initially pledged 50 grams of gold, securing a loan of Rs 3.2 lac. Later, on July 2, he allegedly pledged another 177.40 grams of gold to obtain Rs 9.99 lac.
Suspicion arose when the branch manager, Abhishek Gowda, received information that the pledged ornaments might be counterfeit. Upon verification, the gold was confirmed to be fake. In total, Kotyan had allegedly duped the bank of Rs 13.19 lac by making the ornaments appear genuine during the loan process. The branch manager has filed an official complaint with the Udupi Town police station.
Both cases highlight growing instances of financial deceit and exploitation across the district—one involving predatory lending practices by a private financier, and the other showcasing fraudulent loan acquisition through fake collateral. Investigations are underway in both matters, and police are expected to take further action following inquiry reports.