Mumbai: Fake gold scam rocks nationalised bank

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Four creditors appointed by the bank for gold loan evaluations, in collusion with 12 account holders of a nationalised bank, allegedly swindled R1.78 crore by mortgaging fake gold. The scheme involved submitting bogus gold as collateral, with the creditors falsely certifying it as genuine to approve loans. The Goregaon police have arrested one account holder so far. Police stated that many couples from the western suburbs are involved in the racket.

After a six-month search, the Goregaon police apprehended a prime suspect. The arrested accused has been identified as Narendra Yashwant Gosavi, who, in collaboration with four valuers appointed by the bank, obtained and provided gold loans 29 times to 11 other account holders, embezzling more than R1.78 crore from the bank.

According to police sources, the accused gold valuers are identified as Vira Kusoji Brahmachari, Sunil Shukla, K Nagraj, and Subhsh Singvi. They, along with Gosavi, facilitated loans to 12 account holders: Sweta Sachin Murudkar, Sachin Sakharam Murudkar, Nagraj Katkowala, Navnath Shinde, Rekha Gavda, Sachin Murudkar, Mudassar Momin, Sweta Murudkar, Sawita Gavda, Somu Gavda, Meena Chelani, Prashant Bansode, Manjula Gavda, Narendra Yashwant Gosavi, and Ravindra Chauhan.

The fraud originated from a gold loan scheme launched by the bank between May 2023 and March 2024. The bank manager reported that the gold valuers certified fake gold jewellery as genuine to secure loans. Between July 2021 and April 2023, 12 account holders received gold loans totalling R1.78 crore, which were transferred into 29 different bank accounts.

A special audit revealed that the gold submitted by the account holders was fake. Despite knowing the jewellery was counterfeit, the valuers approved the loans. Following the discovery, the bank manager filed a complaint with the Goregaon police. A case was registered under various sections of the BNS, according to an officer from the Goregaon police station.

Gosavi, who admitted to taking a loan using fake gold, was arrested last week, produced before the court, and remanded in police custody. Further arrests are anticipated, the officer added.