Letter: The gang member involved in fake gold which fabricated on loans of nearly Rs 21 Lakh with a private bank in Valsad was arrested on Monday.
Fourteen people from Maharashtra and Bhilad at Valsad were arrested after the ICICI Bank branch manager had approached the police in May.
Bank complains that 17 customers have taken 20 gold loans by pawning 803.6 grams of fake gold between August 2019 and November last year.
The police said that the bank was aware of fake gold during the audit.
“Audit revealed that the emis of this loan account was not paid.
When the gold quality was examined, it turned out to be fake,” said Sub-Inspector B H Rathod from the Bhilad police station.
He added that the puppeteer of fraud was Suraj Sahu, a Virar in Maharashtra.
“He and his two feet have found loan customers in Bhilad,” Rathod said.
Sahu who is unknown friend from Rajasthan from whom he has bought medicine and two other people who pretend to be customers have not been arrested.
To change bank officials, the defendant had coated thick gold in jewelry.
Police officials said that they were aware of the tests of rubbing stones and nitric acid tests carried out on jewelry to ensure whether it was original or not, but with thick golden coating, the duplicacy could only be disclosed by cutting jewelry.
Fake gold combined for bank loans RS 21 lakh
