Police arrests three for securing bank loans pledging fake gold jewellery in Khammam

Khammam police arrested three persons, including a gold appraiser, for securing loans by pledging fake gold jewellery at a bank branch. The fraud came to light during auction proceedings after accounts turned NPAs. One accused remains absconding

Khammam: Police have arrested three persons, including a gold appraiser, for obtaining bank loans by pledging fake gold jewellery at the Telangana Grameena Bank Enkoor branch in the district.

Kallur ACP Vasundhara Yadav informed that a case was registered against four individuals and an investigation was launched in connection with the case following a complaint filed by the bank’s branch manager KV Prashanth Reddy.

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The investigation revealed that during 2024, the accused, Sripadi Sathish (A1), the bank’s gold appraiser, Sripadi Mounika (A2), Ramachandroju Jayamma (A3) and Ramachandroju Naresh (A4), colluded to pledge fake gold jewellery weighing approximately 242.25 grams, passing it off as genuine jewellery, thereby securing gold loans worth Rs 9.53 lakh.

As the borrowers failed to repay the loans, the accounts recently turned into non-performing assets (NPAs), prompting bank officials to initiate the auction process. During the process, it was discovered that the pledged jewellery was fake.

Consequently, the accused Sathish, Jayamma and Naresh were arrested and produced before the court for duping the bank. The A2 accused, Mounika, was absconding, the ACP informed.