Seven persons, including a gold appraiser of the District Cooperative Central Bank (DCCB) in Vishakhapatnam were arrested by the One Town police for cheating the cooperative bank to the tune of Rs 37,20,500 by certifying imitation gold as genuine.
One Town police station inspector Syed Mohammed Eliyas said L Prakash Rao, a gold appraiser working at DCCB’s Town Kotta Road branch, was arrested along his family members for trying to pass off fake gold as genuine and granting gold loans against it.
Prakash Rao, who had been the bank’s gold appraiser for the past few years, advised his wife, sons, daughters-in-law and friend to open accounts in the bank. His family members and friend deposited fake gold on 40 occasions that he certified as genuine and played a crucial role in releasing loans worth Rs 37.3 lakh to them.
-TNN