Daijiworld Media Network - Mangaluru (SP)

Mangaluru, Jul 26: A couple has been arrested for allegedly pledging spurious gold ornaments and raising large amount of loans from a bank in the city.

The arrested accused happen to be Vidyananda Rao (59), and his wife, Lalitha Rao (52), residents of Maryhill near Bondel in the city. They have been accused of cheating Catholic Syrian Bank's branch near Falnir here to the extent of Rs 4.5 crore.

It is learnt that Vidyananda Rao owns a jewellery shop. He has pledged fake gold to the bank on 38 different occasions, whereas his wife raised loans nine times against pledge of spurious gold ornaments.

The management of Catholic Syrian Bank had undertaken cross verification of the ornaments pledged by customers, after getting alerted by the news of heavy loan raised by Shankaracharya from a cooperative bank at Shirva by pledging fake gold ornaments. In that case also, the bank staff had tremendous faith about the honesty of the customer and had lent to him liberally in violation of bank rules. Catholic Syrian Bank came to know about the fraud played on it during this checking.

It is said that Rao got ornaments made of bronze and coated them with gold. It is said that he was doing this so skillfully that even the jewel appraiser of the bank, Manjunath, could not detect it. These ornaments, on the face of it, looked like genuine gold ornaments and the bank accepted them and granted loans.

After realizing that the bank had been taken for a ride, the bank management filed complaint in Bunder police station here on Tuesday July 25. The police who acted immediately, arrested the couple. Investigation is being conducted into the pledged ornaments and the actual extent of fraud is yet to be calculated, sources stated.

Bunder station police inspector, Shantharam, sub-inspector, Madan, and other staff participated in the operation. Bunder police who registered the case, are continuing with the investigation.