Ornaments Heist: Inside the Canara Bank Gold Fraud

A significant fraud of Rs 7.31 crore has been uncovered at a Canara Bank branch in Maharashtra. Fake jewellery replaced genuine ornaments in gold loan accounts. Police have arrested two individuals, and a case has been registered against several bank officials as investigations continue into potential wider involvement.

A dramatic fraud incident totaling Rs 7.31 crore has surfaced at a Canara Bank branch in Jalna district, Maharashtra, presenting a scenario where real gold ornaments in loan accounts were substituted with counterfeits.

Law enforcement officials have apprehended two persons linked to the scandal and registered charges against the branch manager, another officer, and a gold appraiser from the nationalized bank. The fraud came to light during a routine quarterly revaluation of gold loan packets.

CCTV footage from April 23 revealed an officer allegedly involved in stealing gold packets from the strong room. Authorities are considering a wider conspiracy, suspecting more people might be implicated as investigations proceed.