Bank Scam Unveiled in Thane: 22 Arrested for Fake Jewelry Fraud

Twenty-two individuals have been charged with defrauding a private cooperative bank in Maharashtra's Thane district of Rs 39.25 lakh. The accused secured loans using fake jewelry as collateral between November 2020 and November 2021. A case has been registered following the discovery during an audit.

In a startling development, police have filed charges against 22 individuals implicated in a fraud scheme involving fake jewelry, deceiving a private cooperative bank in Maharashtra's Thane district out of Rs 39.25 lakh.

The suspects reportedly secured loans using insubstantial jewelry at the bank's Mumbra branch over the span of a year, from November 2020 to November 2021, with some availing themselves of multiple loans.

The fraudulent activities came to light during a routine audit, revealing the inauthentic nature of the pledged jewelry. Authorities have invoked Indian Penal Code sections including cheating and criminal breach of trust.

(With inputs from agencies.)