Gold appraiser cons bank of Rs 55 lakh loan in fake gold scam

PHULBANI: The UCO Bank in Balliguda has been rocked by a massive fraud involving a fake gold loan scheme, leading to a loss of Rs 55 lakh. The scandal centres around P. Satyaram Achari, a former gold appraiser at the bank, who manipulated his position to obtain fraudulent loans.

Over the past three years, Achari used fake gold as collateral to secure loans totaling Rs 55 lakh. He procured loans of Rs 25 lakh and Rs 30 lakh in the names of two employees from his gold shop, Runubala Pradhan and G. Simanchal Reddy, by forging their signatures.

The cheating came to the fore when the bank launched an investigation after the loans went unpaid at the end of their three-year term. In July, the bank issued a notice to Pradhan for repayment of Rs 34 lakh, which she denied stating that she was too poor to seek a loan and repay. Reddy too disclaimed the loan, leading to further inquiry.

After suspicions arose, the gold kept as collateral for securing the loan was tested and found to be counterfeit. Meanwhile, Satyaram, the gold appraiser, closed shop in July and disappeared. On September 3, assistant branch manager of Phulbani UCO Bank, Kanhu Charan Sahu, along with a goldsmith from Bhanjanagar, verified and confirmed again that the gold was fake.