TNR News Networks
A major fraud has surfaced in Kullu district of Himachal Pradesh where three persons allegedly obtained a gold loan from a private bank using counterfeit gold as collateral.
The fraud came to light during an internal audit, prompting the bank management to file a police complaint against the accused.
Axis Bank’s Kullu branch operations manager Ravindra Kumar reported the case to the police on February 7. He said that Buddh Thakur of Kullu secured a loan of Rs 3,58,600, Hari Ram obtained Rs 5,37,700 and Lata Devi took Rs 5,32,400 by pledging counterfeit gold.
Police investigation underway
The incident dates back to 2023. After receiving the loans, the accused failed to repay the amount despite multiple notices from the bank. It was only during an audit that the pledged gold was found to be fake.
Kullu Superintendent of Police Dr Karthikeyan Gokulchandran said that an investigation was underway. “We are probing how the fake gold was accepted as collateral without being detected during verification,” he said.
Gold loan process, security measures
Gold loans are typically sanctioned after rigorous verification. When a customer brings gold to the bank, officials accompany them to a jeweller for valuation and purity checks. The gold is then sealed and recorded on video. Loans are generally not granted for gold below 18 karats.
This incident is not an isolated case. A similar fraud was reported recently in Shimla where fake gold was used to secure loans from two different banks. The authorities are now tightening security measures to prevent such financial frauds in the future.
