Officials at Sanarpatti Cooperative Society have discovered that fake jewels were allegedly being pledged by borrowers over the last two years.
According to branch officials, when a team of officers and assessors checked the pledged gold, they were in for a shock. At least, ₹25 lakh worth advance money had been disbursed to borrowers, while the jewels pledged by them were either fake or imitation jewellery.
Although the bank was yet to lodge a complaint, preliminary inquiry showed that they were disbursed with the knowledge of a former office-bearer and some staff members of the society.
After conducting a discreet probe with the staff members, officials said they would lodge a complaint with the police.