A local court in Udupi convicted three persons in three cases related to getting a gold loan from three cooperative banks by pledging fake gold ornaments and one case of attempting to pledge fake gold in a cooperative bank.
K.P. Suresh from Someshwara-Kotekar near Mangaluru was convicted in one case, while P.V. Raju from HBR Layout in Bengaluru and Rajesh from Ramanagaram were convicted in two case of pledging and one case of attempt to pledge fake gold.
Suresh was accused of pledging four fake gold bangles and availing a ₹41,500 loan from the Udupi-based Narayana Guru Urban Cooperative Bank on July 17, 2010.
The First Additional Civil Judge and JMFC M.N. Manjunath sentenced Suresh to undergo two years imprisonment and imposed a fine of ₹1,000.
Raju and Rajesh were accused of pledging six fake gold bangles to get a loan of ₹68,000 from the Udupi branch of South Canara District Central Cooperative Bank on August 12, 2010. The two were accused of pledging fake gold ornaments and taking loan of ₹45,000 from Padubidri Cooperative Bank’s branch in Nadsalu village of Udupi taluk on September 30, 2010. The two were also accused of attempting to get gold loan by pledging fake gold ornaments at the Udupi-based Badagubettu Credit Cooperative Society.
On finding guilty of defrauding the SCDCC Bank, the court sentenced Raju and Rajesh to undergo two years imprisonment and pay a fine of ₹1,000.
