SURAT: Investigation into the gold loan fraud case had revealed that jewellery pawned for availing loan had only 40% gold, rest of the jewellery was made out of some other metal.
Police said that fake gold jewellery was manufactured using some specialised method because of which even the valuer of the bank could make out the difference.
A total of 22 people were booked October for taking 41 loans worth Rs 2.55 crore from different branches of ICICI Bank by pawning fake gold jewellery. Only eight people have been arrested so far, said crime branch official probing the case. Most of the gold loans were taken between August and October this year.
“The fake jewellery had less than 40% gold in it. Even then it was not easy to make out,” said a police officer. The racket was busted when gold jewellery of an applicant was found fake and later the bank got other pawned jewellery examined.
“The jewellery was plated with gold on the outside but inside some other metal was used. It was required to cut the jewellery to find out that some other metal was used inside. But cutting a piece of jewellery violated the terms and condition of loan as the jewellery was being pawned and not sold,” said the police official.
“After sourcing it from the manufacturer, one of the 22 accused tried to pawn it. On successful, other borrowers got involved,” said a police officer of Surat crime branch.
The manufacturer of the fake gold jewellery, who is believed to have supplied the ornaments to all the accused is yet be arrested.