Nation Crime 03 Oct 2022 Man arrested for che ...

Man arrested for cheating bank with fake gold

DECCAN CHRONICLE. | DECCAN CHRONICLE
Published Oct 3, 2022, 9:53 am IST
Updated Oct 3, 2022, 9:53 am IST
However, when the loan amounts became more than ₹1 crore, bank authorities conducted a verification of the pledged jewellery. They found that the jewellery was fake and lodged a complaint with the police. — Representational Image/DC
 However, when the loan amounts became more than ₹1 crore, bank authorities conducted a verification of the pledged jewellery. They found that the jewellery was fake and lodged a complaint with the police. — Representational Image/DC

ANANTAPUR: Penagalur police on Sunday arrested a person for cheating a local bank in Penagalur of Annamayya district by pledging fake gold and taking loans amounting to more than ₹1 crore.

According to DSP Shiva Bhaskar Reddy, Kakarla Sekhar Achari of Penagalur kept pledging gold jewellery at different times at a bank and obtained gold loans. He led a lavish life with loans taken.

However, when the loan amounts became more than ₹1 crore, bank authorities conducted a verification of the pledged jewellery. They found that the jewellery was fake and lodged a complaint with the police.

The DSP said they have arrested Sekhar Achari and seized ₹8.05 lakh from his residence. Police have also seized a car, gold rings and other material from the house.

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