5 held for pledging fake jewellery for Rs 2 crore

According to the police, Deivasigamani (31) from Pollachi, who was working as an appraiser in the Syndicate Bank, had helped his relatives pledge fake jewellery worth Rs 2 crores to the bank.

Deivasigamani certified the covering jewels to be genuine and helped his relatives to get money from the bank. On suspicion, the bank officials checked the jewellery with another appraiser and found them to be fake.

Based on a complaint lodged by Syndicate Bank manager, Murali Krishna, the Coimbatore district Crime Branch police registered a case in this connection and arrested Deivasigamani and his relatives, Ramesh Kumar (27), Manikandan (27), Sivaraj Kumar (29) and Thirumurthy (30).

Police inquiries have revealed that the accused persons led a lavish life with the money that they had received from the bank after pledging the fake jewellery.

Meanwhile, the police have initiated efforts to retrieve the money that the bank had issued to the accused.