Machilipatnam, which is known for the delicious sweet ‘Bandar Laddu’, is also famous for imitation gold, which closely resembles pure gold. Many families are eking out their livelihood by preparing imitation gold ornaments in Chilakalapudi area in the coastal town for the last few decades.
But, the imitation gold jewellery is creating a problem for bank officials and the police now. Fraudsters are deceiving the customers by replacing gold ornaments deposited in banks, with imitation gold.
The Canara Bank and Vijaya Bank officials have detected two such cases and filed cases with the police in the last few months.
Krishna District Superintendent of Police G. Vijay Kumar said based on the complaint lodged by Vijaya Bank Manager M.V.D.N.L. Rajeshwari, police registered a case against appraiser, S. Venkata Santosh Kumar. As many as 1,421 accounts were verified (gold loan accounts) up to February 18, of which Rs. 40 lakh fraud was detected.
“Santosh Kumar managed to credit the imitation gold ornaments, as he himself is the appraiser,” the SP said.
“So far, police found that the accused obtained loans on two kg of imitation gold,” according to Machilipatnam Deputy Superintendent of Police D. Surya Sravan Kumar.
