Fwd: GOLD APPRAISER SCAM.

[Narayanan Ramakrishna Iyer]

---------- Forwarded message ----------
From: p.v. narayanan
Date: 10 October 2012 19:34
Subject: Fwd: GOLD APPRAISER SCAM.
To:




---------- Forwarded message ----------
From: Thyagarajan Paramasivan
Date: Wed, Oct 10, 2012 at 8:10 AM
Subject: Re: GOLD APPRAISER SCAM.

>  AHMEDABAD:
>
> Five persons have been arrested for a fraud in the Corporation Bank in
> Satellite area. They took a loan worth Rs 26 lakh by pledging fake gold
> jewellery.In March 2012, Corporation Bank had launched a scheme to grant
> loans against gold. The zonal office of the bank in Ahmedabad recently
> realized that in its Satellite branch, more number of applicants for loan
> against gold scheme was queuing up.[image:
> http://articles.timesofindia.indiatimes.com/images/pixel.gif]When the
> bank authorities inspected the bank's records and the gold handed over as
> mortgage, they got suspicious. However, according to the norms, a
> bank-approved gold valuer carries out all the necessary quality checks
> before granting the loans. In this branch to the approved valuer, Ashok
> Rathod, a gold smith who is on contract with the bank, had checked all the
> ornaments before granting the nod for loans. Rathod also owns a shop in
> Jodhpur, Satellite.Based on the suspicions aroused by the number of
> transactions, the bank's senior officers then decided to introduce stricter
> norms for loans approved under this scheme. However, there was no action
> initiated in the matter immediately. The scam unraveled on Tuesday when
> Prashant Prajapti, a resident of Dariapur, who had earlier availed of a
> loan under the scheme approached the bank for another loan. Rathod, the
> bank valuer, was in the bank at that time. Rathod was quick to approve the
> gold and also okay the procedure for loan.Just when the deal was about to
> be formalized a team from the bank's zonal with another gold-valuer,
> Ramniklal Parekh appeared. Senior officials of the team immediately asked
> Parekh to intervene and evaluate the gold for a second time.Parekh had a
> completely different conclusion. He ruled that the gold was artificial. A
> senior manager of the bank then called up the Satellite police.Upon
> grilling Prajapati he pointed the needle of suspicion towards Rathod. He
> told the cops that Rathod had paid him Rs 2,000 to pose as a person seeking
> loan under the gold mortgage scheme. He had also given him the imitation
> jewellery. When faced with the truth and evidence, Rathod broke down and
> confessed. He told the cops that he used to keep some fake gold jewellery
> ready at hand and approved the loan.In a short span of two months he had
> cleared seven gold loans worth Rs 26 lakh for himself. For these fake loans
> he had set up a string of bogus loan-applicants. Apart from Prajapati there
> were Chandresh Kadia, Naina Rathod, Dharmendra Kadia and his wife Manisha,
> Rajesh Panchal and Pravin Panchal. Police have arrested five while Manisha
> and Naina have not been nabbed yet.Rathod told police that in 2011 he had
> got a huge order for making gold ornaments. However, owing to steep gold
> price hike he had incurred a loss of Rs 15 lakh in the deal since he had to
> sell the ornaments at the earlier quoted price."He says, to tide over this
> loss he designed the plan to cheat the bank. After getting over his loss he
> got hooked to his successful operation and got greedy for more money. We
> have advised the bank officials to circulate this information to other
> units and also to get gold valuation done by more than one approved
> valuer," said a Satellite police official.
>
>
> [image: http://articles.timesofindia.indiatimes.com/images/pixel.gif]
> Source : TOI
>
> P  SESHAGIRI  RAO.
>



-- 

T. PARAMASIVAN






-- 
P.V.NARAYANAN

<<image001.gif>>