The accused Murali (46) of Triplicane managed to open 101 accounts in the Syndicate Bank branch in Nandanam to pledge fake jewellery. One Shanthi (31) of Kovalam through whom he has pledged jewellery about 32 times has also been arrested.
Explaining his modus operandi, the investigation officer of the bank fraud prevention wing in the Central Crime Branch said, “Murali would approach the bank customers to pledge jewellery for him as he can’t do that for being an employee. He would give them fake jewellery and as an appraiser would validate them as gold,” said the official.
Murali is said to have been practising this fraudulent activity since 2015 and he would pay interest for the pledged jewellery by pledging more fake jewellery to ensure that they do not come for auction. The incident came to light as a man sent by Murali visited the bank to pay the interest. “Since he was not present, he met the manager and out of suspicion, he checked the jewellery pledged in his name and found them to be fake,” said police. Murali and Shanthi were remanded in judicial custody and further investigation is on whether the manager is also involved.
The CCB wing also arrested one Sathish of Kodungaiyur for cheating the Syndicate Bank in Ashok Nagar to the tune of Rs 60 lakh by availing car loans. The main accused is still at large.