CHENNAI: City police Sunday arrested a 33-year-old man who allegedly pledged fake gold jewellery in a private bank and availed a loan of Rs 15 lakh.
Police said the arrested person, identified as Harshal Sivaji from George Town, pledged about 397 grams of gold in a private bank in Thambu Chetty street in 2020, for which the bank provided him with Rs 15 lakh as a loan. For over two years, as Sivaji did not pay any interest to the bank and did not attempt to retrieve the gold jewels, the bank declared that the jewels will be auctioned.
In the process, the bank authorities realised that the jewels pledged by Sivaji were fake and filed a complaint with the Esplanade police station. During investigations, police found that Harshal had used the same modus operandi with another private gold mortgaging company and received Rs 18 lakh.
He was arrested from a hideout in Tondiarpet. Police have also launched a hunt for the gold appraiser of the bank who helped the accused.
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