<p>Bengaluru: Varthur police have registered a case against a bank gold appraiser and three customers for allegedly cheating Karnataka Bank by pledging fake jewellery and securing gold loans worth nearly Rs 16 lakh.</p>.<p>The fraud surfaced during a routine revaluation of pledged gold ornaments conducted by the bank on May 12.</p>.<p>Police identified the accused as Ravi Kumar S, Mohan Reddy, H N Keshav and Mahadesh V, all residents of Ramakrishna Street in Varthur.</p>.<p>During the verification process, bank officials found that several ornaments pledged for gold loans were imitation jewellery passed off as genuine gold.</p>.<p>Senior police officers said Kumar, who had been working as a gold appraiser at the Varthur branch for several years, lured known customers by promising them a commission and convinced them to pledge ornaments in their names to avail gold loans.</p>.Gold loan fraud sparks protest outside Girinagar bank in Bengaluru .<p>Police suspect that Kumar used his position to manipulate the valuation process and certify the fake ornaments as genuine gold jewellery.</p>.<p>The accused customers availed multiple gold loans amounting to Rs 15.95 lakh. With accrued interest, the outstanding amount has reportedly risen to Rs 16.53 lakh.</p>.<p>Following the detection of the fraud, bank authorities informed the regional office on KH Road and launched an internal inquiry.</p>.<p>Officials later tried to contact the accused customers and recover the dues, but failed, following which the branch manager approached the police and filed a complaint.</p>.<p>Soon after the fraud surfaced, Kumar and the other accused went absconding. Efforts are on to trace them.</p>
<p>Bengaluru: Varthur police have registered a case against a bank gold appraiser and three customers for allegedly cheating Karnataka Bank by pledging fake jewellery and securing gold loans worth nearly Rs 16 lakh.</p>.<p>The fraud surfaced during a routine revaluation of pledged gold ornaments conducted by the bank on May 12.</p>.<p>Police identified the accused as Ravi Kumar S, Mohan Reddy, H N Keshav and Mahadesh V, all residents of Ramakrishna Street in Varthur.</p>.<p>During the verification process, bank officials found that several ornaments pledged for gold loans were imitation jewellery passed off as genuine gold.</p>.<p>Senior police officers said Kumar, who had been working as a gold appraiser at the Varthur branch for several years, lured known customers by promising them a commission and convinced them to pledge ornaments in their names to avail gold loans.</p>.Gold loan fraud sparks protest outside Girinagar bank in Bengaluru .<p>Police suspect that Kumar used his position to manipulate the valuation process and certify the fake ornaments as genuine gold jewellery.</p>.<p>The accused customers availed multiple gold loans amounting to Rs 15.95 lakh. With accrued interest, the outstanding amount has reportedly risen to Rs 16.53 lakh.</p>.<p>Following the detection of the fraud, bank authorities informed the regional office on KH Road and launched an internal inquiry.</p>.<p>Officials later tried to contact the accused customers and recover the dues, but failed, following which the branch manager approached the police and filed a complaint.</p>.<p>Soon after the fraud surfaced, Kumar and the other accused went absconding. Efforts are on to trace them.</p>
