KAKINADA: Eluru district police have registered a major gold fraud case following a complaint by the Bank of Baroda, Jangareddygudem branch.
Jangareddygudem police have named the bank’s gold appraiser Chalapaka Raju of Velampeta in Jangareddygudem town, as the main accused.
The gold appraiser misappropriated 6 kg and 449.50 grams gold ornaments from 174 bank gold loan accounts, whose value is estimated to be ₹10 crore.
Eluru district superintendent of police K. Prathap Shiva Kishore said their investigation revealed that accused Chalapaka Raju, being the bank’s gold appraiser, replaced the gold ornaments pledged by customers for obtaining gold loans with imitation jewellery.
The accused then pledged the misappropriated gold ornaments to various jewellery shops in Jangareddygudem in his own name as well as in the names of his parents.
|the SP disclosed that police have been able to recover 4.120 grams of gold worth ₹5.71 lakh and cash of ₹10 lakh.
Jangareddygudem police registered a case against the gold appraiser under sections 318 (4), 316 (5), 336 (5) of BNS based on a complaint lodged by the senior branch manager of the Bank of Baroda.
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