The district crime branch police arrested a 49-year-old woman who allegedly cheated Punjab National Bank in Theni by mortgaging fake gold jewellery and taking a loan of ₹1,87,000.
V. Karpagaselvi, 49, who claimed to be a resident of V.O.C Street on Old GH Road, opened a new account in the bank on April 11, 2018 to avail a jewel loan. She further mortgaged 10 bangles weighing 99.400 gm. The gold assessing officer at the bank was unable to find out whether the bangles were of real gold, as the accused had given 30% gold coating on 70% copper bangles.
Karpagaselvi managed to avail a loan of ₹1,87,000. However, she failed to pay interest dues. In May, the bank posted a notice asking her to retrieve the jewels after paying the principal and interest. But the letter came back citing there was no such recipient in the said address.
On June 30, Bank Assistant Manager S. Kishore read a news report about Karpagaselvi cheating another bank by mortgaging fake gold. On suspicion, he checked the gold bangles mortgaged by the accused and found out that they were fake. The incident was reported to district crime branch police on Wednesday.
The police found that the woman had shifted to Periyakulam. She was booked under Sections 406 and 420 IPC and was remanded to Madurai Central Prison. “There are also past cases reported against this woman. There seems to be a network behind her, which we hope to unravel in further investigation,” said a police official from DCB.