5 cheat bank of Rs 33 cr, arrested

DCP of EOW Mangesh Kashyap said it was found that one Somnath Bobal and his associates had availed loans of Rs 21.6 crore by pledging fake gold.

By: Express News Service | New Delhi | Published:November 2, 2014 4:15 am

The Economic Offences Wing (EOW) of the Delhi Police on Friday arrested five persons who allegedly swindled Rs 33 crore from Dhanlaxmi Bank by pledging fake gold.

The arrested were identified as Ram Prakash (31), Vijay Manchanda (55), Dushyant Manchanda (20), Satrughan Nayak (32) and Ravinder Kumar (40). They approached Dhanlaxmi Bank for loans against gold ornaments. It was found that the gang was operating in connivance with the bank’s appraiser, who evaluated the gold’s purity.

DCP of  EOW Mangesh Kashyap said it was found that one Somnath Bobal and his associates had availed loans of Rs 21.6 crore by pledging fake gold. Manchanda and his gang took gold loans of Rs 11 crore. “The loan amount, which was given at 12% interest, was further lent in the market at an exorbitant rate of 20 to 24%,” Kashyap said. Somnath is on the run.

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  1. V
    Vaddi Nagabhushanarao
    Nov 2, 2014 at 12:11 am
    How gold loan can be so much to individuals rbi put restrictions it has to insider job
    Reply
  2. V
    Vaddi Nagabhushanarao
    Nov 2, 2014 at 12:11 am
    How gold loan can be so much to individuals rbi put restrictions it has to insider job
    Reply
  3. S
    sastry mln
    Nov 2, 2014 at 8:29 am
    Every year loans are written off and government puts more money into state owned banks.Government should inform public about what measures are taken to prevent corruption in issuing loans.- The case of corrupt gold appraisers is not new . what measures were taken to resolve this. We have a new system of lottery method to pick an inspector. Can we not have the same to choose a gold appraiser- What measures are taken to save banks from the corruption of the loan approving officers and recovery staff
    Reply