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HomeStateGadag: Fake gold pledging case, police arrest three

Gadag: Fake gold pledging case, police arrest three

Bengaluru: Recently Gadag police had registered two separate cases against 17 members for cheating banks by availing loans pledging fake gold and a few members of the gang had cheated banks in Bengaluru also and the Vijaynagar police have arrested three persons in connection with the cheating case.

The police arrested are Dattatreya Bakale alias Yash, 28 from Gadag, son of Gadag Betageri City Municipal Council member. Arun Kanade, 30, a resident of Shivamogga, and Satyananda alias Sathya, 28 from Udupi. The accused had allegedly raised loans from various banks by pledging fake or low-quality gold ornaments.

The accused lived in several parts of north Bengaluru and allegedly ran this crime syndicate. The police said they have seized around 1.5 kgs of gold they allegedly pledged in various branches of Bank of Baroda in Bengaluru city.

How the incident came to light?

The fraudulent cases were discovered on September 23, when Satyananda went to the bank’s Vijayanagar branch with a woman named Jayalaxmi to pledge jewels, according to police. Kiran Seth, the gold appraiser, discovered that the gold was only 9% pure. Jayalakshmi left before the loan was approved, and Satyananda was questioned about the gold. He left after telling them that the jewellery belonged to his friend Arun. The bank personnel investigated their gold loan data and discovered that the same gang had previously pledged over 700 grammes of jewellery and obtained loans totaling several lakhs. The gold ornaments pledged were not hallmarked.

The bank manager approached Vijayanagar police and registered a case, following this DCP (West) Laxman Nimbargi formed a special team and Inspector D Santosh Kumar and his team nabbed the accused. The accused informed that Kanade and Bakale were also involved in this.

The gang used to buy these fake ornaments from Kolkata. The ornaments were made using aluminum and a low-quality gold coating they used to give it on them.

Recently, Gadag police have registered a case against 16 people including Bakale, the gang cheated two banks in Gadag in a similar way.

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