The Economic Offenses Wing of the Central Crime Branch (CCB) of Bengaluru City Police has arrested two accused involved in the ‘Gold Loan at 0% Interest’ scam. The main accused had opened a jewelery shop in Vidyaranyapura area and had issued an advertisement of ‘Gold Loan at 0% interest’ to attract people.
Believing in the advertisement, many people took loan by mortgaging their gold jewellery, but they were given only 50-60% of the actual value of their gold and a condition was imposed that they could not redeem their gold for 11 months.
Accused absconding with mortgaged gold
Meanwhile, the accused earned a profit of 40-50% by selling the pledged gold in another jewelery shop located at HRBR Layout. About 4 kg of gold was grabbed under this fraud. After completion of 11 months, the accused closed the shop and absconded.
About two weeks ago, the police arrested the main accused from his house in Peenya. During interrogation, police seized 1 kg 478 grams of gold and 5 kg of silver items from a jewelery shop in H.R.B.R Layout. The total value of the seized property is estimated to be around Rs 1.8 crore. Preliminary investigation has also revealed that the accused has committed similar fraud cases in Mangaluru and Kerala also, investigation is ongoing.
Bengaluru City Police’s appeal
The public is appealed to check the authenticity and license of the financial institution before pledging gold. Don’t fall prey to misleading offers like ‘loan at 0% interest’, immediately report any suspicious scheme or fraud to the nearest police station or CCB Economic Offenses Wing. This successful operation was carried out under the guidance of Joint Commissioner of Police (Crime) Shri Ajay Hilauri, Deputy Commissioner of Police (Crime-II) Shri Raja Imam Qasim, under the leadership of ACP Nagaraj of CCB.
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