RS 13.45L ‘GOLD’ LOAN FRAUD Kalwa police arrests gang of four

Kalwa Police arrested a gang of four men on Tuesday, for defrauding finance companies, credit societies and the public, obtaining loans by mortgaging fake gold in various parts of Maharashtra.

A Kalwa resident registered a complaint of cheating against Sushant Nishikant Salvi, on July 5. She told police he had borrowed Rs 1.7lakh from her, saying he urgently needed money for his sick mother's treatment and pledged 81gms of '23carat gold jewellery' as collateral. When he failed to show up within three days, the complainant had the jewellery examined by a goldsmith and discovered the fraud. Police registered a case under Indian Penal Code sections 420,406 and 34.

After examining CCTV footage in the complainant's locality, police arrested Salvi on July 10. His interrogation led to the arrest of the other three gang members — the mastermind of the plan, Chiplun jeweller Rasbihari Imanna, Aniket Kadam, 34, also from Chiplun, Liyakat Abdul Kadir Sheikh, 43, from Airoli, Navi Mumbai. The quartet used 688 grams of jewellery to obtain gold loans from various companies. Police have seized 551gms of jewellery and Rs1.5lakh cash from Rasbihari.

Imanna made gold ornaments mixed with silver, which is popular as it looks

After examining CCTV footage in the complainant's locality, police arrested Salvi on July 10. His interrogation led to the arrest of the other three gang members

real and people wear it during celebrations. He was struck by the idea of cheating banks with such jewellery said Dr Swamy, DCP, Zone 1, at a press conference in Thane. Imanna's three associates would approach gold loan companies, credit societies and people as well, claiming to be in urgent need of a loan and pledging this 'gold'. Till date they have been involved in seven cases of cheating, police said. The gang has confessed to having cheated six finance companies and credit societies to the tune of Rs13.45 lakh.

The gang duped Muthoot Finance branches at Kalwa, Naupada, Dadar and Mazgaon and Laksmi Balasaheb Nagari Sahakari Patsanstha, Ratnagiri City and Yadav Rao Ghag, Gramin Sheti Sahakari Patsanstha, Chiplun into offering gold loans, police said. Further investigations are in progress.