Vijayanagar police busted fake gold racket, 3 arrested for taking bank loan on fake gold recovered 7.15 lakh fake gold

Pramesh S Jain & Yogesh K Porwar

The alert bank officials helped the Vijayanagar police to bust a cheating racket led to the arrest of three people who were trying to cheat a nationalized bank by pledging fake gold valuables to avail loan.

The accused have been identified as Arun Raju Kanade,30,Satyananda,28,and Dattatreya Bakale.

The police are now on the lookout of Jayalakshmi, the fourth accused who is on the run.

Senior officer told reporters the racket was busted when the accused aporoached bank of Baroda , Vijayanagar branch with 235 grams of fake gold seeking loan of Rs.7.15 lakh loan.

The manager got it checked with the appraiser to ascertain the value of the assets and found to be fake.

Suspecting something amiss,the officials alerted the police,who rushed to the spot and nabbed the trio waiting for the cash .

Based on their confession the police recovered 1475 grams of fake gold valuables which according to the accused got it custom made through a jeweller from Kolkata.

The accused told the police that the jewels are made of copper with several layers of gold plate to hoodwink the bank officials.

Using the modus operandi,the accused have cheated many banks in Gujarat,Maharastra and Karnataka including Bengaluru,Udupi,Gadag,Surat and Kolhapur.

The police are contacting the bank officials to seek more information from them while efforts are on to track down Jayalakshmi .

Finally Bengaluru police commissioner,CH Pratap Reddy,has appreciated,Addl CP West,Sandeep Patil, DCP West,Laxman B Nimbargi,ACP P Ravi PI,D Santhosh Kumar,PSI,as,Basavanagowda NH,and crime staff as,Hanumantharaju,TN,Mahalingaiah, Manjunath,Venkatesh M, Venkatesh TN,Basavarajappa,Eknath Nayak,Lakhan Jadhav and others has been appreciated for the exemplary and meticulous investigation done by them in nabbing the trio a suitable reward will be given to whole team he added.