Appraiser mortgages fake gold to secures Rs 85 lakh loan at UCO bank in Odisha, arrested
A gold appraiser from Odisha's Kandhamal district was accused of cheating a bank by mortgaging fake gold and fraudulently securing loans worth Rs 85 lakh. The incident took place in the Baliguda area, where the accused, identified as P. Satyaram Achari, a local gold trader, was employed by the UCO Bank to verify the authenticity of gold used for loans.
According to police, Achari pledged fake gold in the names of three of his jewellery shop employees, certified them as genuine, and subsequently took the loan amounts himself. He then transferred the money into his own account and fled Odisha.
Accused Tracked Across States
Baliguda SDPO Ramendra Prasad said, “He mortgaged fake gold and certified them as genuine, taking loans in the names of his three employees. After transferring the money to his account, he fled Odisha. We kept track of his movements across regions like Vizag and Delhi before apprehending him in Berhampur. He will be arrested and forwarded to court. He had also taken money in large amounts from local residents in Baliguda.”
Investigation Initiated After Complaint
Reports indicate that since Achari was a local gold trader, he was authorised to assess gold submitted for loans. However, he exploited the position for personal gain. The fraud came to light when his employees received bank notices and realised loans were taken in their names. They alerted the bank, following which the authorities lodged a complaint and Baliguda Police launched an investigation.
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