A case of fraud has been registered at the Lakadganj Police Station in Nagpur, India, after two men allegedly cheated the Bank of Baroda’s Wardhaman Nagar branch out of ₹5.44 lakh (approximately $7,300 USD) by securing a loan using fake gold ornaments. The incident occurred between October 20 and 22, 2021. According to the police, the primary accused, Sunil Sudhir Maske, conspired with Abhishek Prakash Bharne to commit the fraud. Maske applied for a gold loan at the bank and submitted eight gold bangles, which Bharne, posing as a jeweller, falsely certified as 24-carat pure gold on a letterhead of Rohini Jewellers.
The bank, believing the jewellery to be genuine, sanctioned a loan of ₹5.44 lakh to Maske. However, when the loan remained unpaid, the bank conducted a valuation check and discovered that the ornaments were not made of real gold. A formal valuation report confirmed the fraud, revealing that the gold bangles were fake. The bank’s branch manager, Prakash Durlabhji Malviya, filed a complaint with the police, leading to the registration of a case against the two accused under Sections 420 and 34 of the Indian Penal Code (IPC), which relate to cheating and conspiracy.
The police have registered a case against Maske and Bharne, and an investigation is underway. The incident highlights the importance of thorough verification and valuation of collateral before sanctioning loans, especially in cases where gold ornaments are used as security. The bank’s failure to detect the fake gold ornaments initially has resulted in a significant financial loss, and the incident serves as a warning to financial institutions to be vigilant and thorough in their loan disbursement processes. The case is currently being investigated by the Lakadganj police, and further action is expected to be taken against the accused.