Fake Gold Loan Scam in Odisha: Rs 24 Lakh Bank Fraud Busted, Three Arrested

(OT Webdesk)Baidyanathpur police in Odisha’s Ganjam district have arrested three individuals for orchestrating a sophisticated bank fraud involving fake gold jewellery.

The accused—Abhinav Srivastava from Mirzapur (Uttar Pradesh), Biswajit Kar from Balasore, and Sheikh Manjur Elahi—allegedly mortgaged counterfeit ornaments to secure loans from six banks, causing a financial loss of Rs 24 lakh.

The trio manipulated a local resident, P Purushottam of Hinjilicut-Badakhande, by promising financial aid to start a prawn factory.

They persuaded him to open multiple bank accounts in his and his relatives’ names, using gold-coated metal jewellery to obtain loans over an 18-month period from banks in Berhampur, Hinjilicut, and Mandia Palli.

The scam unravelled when Purushottam attempted to sell the jewellery and discovered it was fake. His complaint led to a sting operation and the arrest of the accused in Berhampur.

Authorities are continuing their investigation to determine the full extent of the fraud and identify any additional victims or institutions involved.