CHENNAI: The Central Crime Branch (CCB) has arrested five bank-approved gold appraisers for allegedly cheating Canara Bank of Rs 63.39 lakh by facilitating gold loans against fake jewellery pledged at the bank's Shenoy Nagar branch.

The latest arrests come days after the CCB took three other accused into custody in the case. Investigators said the accused obtained loans through 22 fraudulent transactions and failed to repay the amounts, resulting in a substantial loss to the bank. The case was registered by the Bank Fraud Investigation Wing of the CCB based on a complaint lodged by E Vijayasankar, deputy general manager at the zonal headquarters of Canara Bank, Chennai.

According to the complaint, borrowers conspired with the appraisers to pledge counterfeit gold ornaments and secured gold loans to the tune of Rs 63.39 lakh. Based on the complaint, the CCB registered a case and launched an investigation. The police said investigations revealed that the borrowers, in collusion with the appraisers, had pledged fake gold ornaments on 22 occasions with the intention of cheating the bank.

All the arrested persons, three on June 29 and the five on Thursday, have been remanded in judicial custody.