<p>Bengaluru: The Central Crime Branch (CCB) of the Bengaluru police arrested two suspects who cheated people by offering gold loans at zero percent interest, officials said on Tuesday. </p><p>The arrested Salaam and Ajith ran a jewellery shop in Vidyaranyapura and advertised that they provided ‘0% interest gold loans’. Believing the false advertisement, many customers approached them, pledged their gold and availed loans. </p><p>“They were given only 50–60% of the actual value of the pledged gold and were told not to redeem their jewellery for at least 11 months. During this period, the accused illegally sold the pledged gold to another jewellery shop in HRBR Layout, earning a profit of 40–50%. Under this fraudulent scheme, around 4 kg of gold was misappropriated. After 11 months, the accused closed the shop and absconded, confirming the fraud,” the police said in a statement. </p>.Google says online scam detection features of Android now better than iPhone.<p>Two weeks ago, police managed to arrest one of the suspects at his house in Peenya. Following an interrogation, the police recovered 1 kg 478 grams of gold ornaments and 5 kg of silver items that had been illegally pledged at a jewellery shop in HRBR Layout. </p><p>“The total value of the seized property is approximately Rs 1.80 crore. Preliminary investigation has revealed that the accused had carried out similar fraudulent activities in Mangaluru district and in Kerala state. The investigation is ongoing,” the police said in a statement. </p><p>“Before pledging gold, the public is advised to verify the authenticity and license of the financial institution. Do not fall prey to deceptive schemes such as ‘0% interest loans’. If any suspicious or fraudulent schemes are noticed, please inform the nearest police station or CCB Economic Offences Wing immediately,” they added.</p>
<p>Bengaluru: The Central Crime Branch (CCB) of the Bengaluru police arrested two suspects who cheated people by offering gold loans at zero percent interest, officials said on Tuesday. </p><p>The arrested Salaam and Ajith ran a jewellery shop in Vidyaranyapura and advertised that they provided ‘0% interest gold loans’. Believing the false advertisement, many customers approached them, pledged their gold and availed loans. </p><p>“They were given only 50–60% of the actual value of the pledged gold and were told not to redeem their jewellery for at least 11 months. During this period, the accused illegally sold the pledged gold to another jewellery shop in HRBR Layout, earning a profit of 40–50%. Under this fraudulent scheme, around 4 kg of gold was misappropriated. After 11 months, the accused closed the shop and absconded, confirming the fraud,” the police said in a statement. </p>.Google says online scam detection features of Android now better than iPhone.<p>Two weeks ago, police managed to arrest one of the suspects at his house in Peenya. Following an interrogation, the police recovered 1 kg 478 grams of gold ornaments and 5 kg of silver items that had been illegally pledged at a jewellery shop in HRBR Layout. </p><p>“The total value of the seized property is approximately Rs 1.80 crore. Preliminary investigation has revealed that the accused had carried out similar fraudulent activities in Mangaluru district and in Kerala state. The investigation is ongoing,” the police said in a statement. </p><p>“Before pledging gold, the public is advised to verify the authenticity and license of the financial institution. Do not fall prey to deceptive schemes such as ‘0% interest loans’. If any suspicious or fraudulent schemes are noticed, please inform the nearest police station or CCB Economic Offences Wing immediately,” they added.</p>
