Gold Loan Fraudster Nabbed in Kochi

A man was arrested in Kochi for allegedly duping a homemaker in a major gold loan scam. P P Ismail allegedly ran the fraud under a shop guise, promising interest-free loans against gold ornaments, which were never returned. The victim complained, leading to his capture.

A 42-year-old man, implicated in a significant fraud scheme involving gold ornaments, has been captured by police in Kochi. The suspect, P P Ismail, native to Ussanmukku in Edayakkad, had been eluding authorities until his recent arrest on Wednesday.

Authorities report that the man operated a fraudulent gold loan service out of a shop near Thalassery General Hospital. He and his associates allegedly persuaded a homemaker from Dharmadam to surrender 62.3 grams of her gold ornaments for a promised interest-free loan. Instead of receiving her gold or cash back, the victim lost a total of Rs 3.75 lakh to the scam.

The operation came under police scrutiny following a complaint by the victim, leading to the arrest of several involved parties. The criminal group is implicated in extensive scams, totalling nearly Rs 3 crore. A specialized team from Dharmadam police, alongside the Thalassery ASP squad and the Ernakulam Town North police, ultimately apprehended Ismail. Investigations continue as law enforcement pursues additional involved members.