11 held for defrauding bank of ₹ 94.45 lakh in Kotagiri
The Hindu
They had pledged fake gold ornaments to obtain loans
The Nilgiris district special branch police arrested 11 persons and are on the look out for 27 others on charges of defrauding a bank of ₹ 94.45 lakh at Ellada in Kotagiri between 2018 and 2020.
The police said that the men conspired with the appraiser at the bank, identified as Siva, in obtaining loans in exchange for fake gold ornaments that were pledged at the bank.
The fraud had gone undetected for more than two years between July 2018 and September 2020. The men had allegedly used the money they borrowed from the bank to lend small loans to farmers and local residents. Though they had made profit using the money, they failed to repay the amount owed to the bank.
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