Fraudsters claiming loan with fake jewellery held in Bangalore

A gang of fraudsters, who set out to cheat a finance firm by claiming loan for fake gold jewellery, was caught when the firm discovered the addresses mentioned in the documents were false.

The JP Nagar police on Saturday arrested three persons, including two women, for allegedly availing a loan of Rs33 lakh from a private finance company by pledging fake gold and documents.

The accused, Latha, 33, of Roopena Agrahara, Lakshmamma, 37, of Bommanahalli and Mallikarjun, 33, of Bommanahalli Industrial Area, were taken into custody after the officials of the finance firm, who tried to recover the loan, found that the addresses of the borrowers were false. They also realised that the jewellery was fake.

Deputy commissioner of police (South division) TG Krishna Bhat formed a team headed by inspector of JP Nagar police station, SK Umesh, on June 11 to trace the gang upon receiving several complaints lodged by Muthoot Finance Company, a subsidiary of the Kerala-based Muthoot Group.

The police said the gang had cheated Muthoot in 38 branches across the city and 17 cases were registered in various police stations.

Latha, the main accused, had formed the gang to cheat the finance company by depositing fake gold to avail loan.She had the fakes made by Amaresh, who had gold-coated bronze jewellery. 
Police said a hunt was under way for eight more persons.