The Economic Offenses Cell (EOC) of Goa Police has arrested two persons including a goldsmith for cheating a bank of Rs 2.63 crore approx.
Details shared by the police state that Gundu Yallapa Kelvekar of Curtorim would obtain gold loans from UCO Bank at Verna, Fatorda and Margao branches in the name of different loanees by pledging fake gold ornaments.
Accomplice Hemant Raikar of Colva would certify the ornaments were genuine gold, based on which the bank approved loans to Kelvekar.
Both the accused cheated the bank through this modus operandi from July 2019 to December 2021.
The bank, on realizing the fraud and criminal conspiracy, lodged a complaint last month
A preliminary investigation confirmed the offense followed by registration of the First Information Report under relevant sections of the Indian Penal Code.
Both accused have been arrested and remanded to police custody.
