Co-operative banks approved rupee 10.99 crore loans for fake gold – The New Indian Express


Express news service

KOZHIKODE: Incidents of pledging fake gold for loans from cooperative banks and swindling millions of rupees through bogus loans are rife in Kerala.

The Cooperation Department has revealed that fraudsters have taken out loans worth Rs 10.99 crore for fake gold from cooperative banks in recent years. Interestingly, bank staff have been involved in the sanctioning of many multi-crore loans. Cooperation Minister VN Vasavan revealed the data during the recently concluded assembly session.

He reported that a whopping Rs 10,99,24,400 has been sanctioned by cooperative banks for fake gold loans in 71 cases since 2014. Of the total cases, a gold loan scam worth of Rs 7.28 lakh was reported in Thiruvananthapuram while 18 cases of false gold loan worth Rs 35.48 lakh were reported in Kottayam. Idukki reported 25 cases while fraudsters took Rs 10.86 lakh through loans. In Ernakulam, Rs 1.06 crore was sanctioned in three cases.

Malappuram banks sanctioned Rs 1.83 crore against fake gold. Kozhikode reported eight cases and Rs 13.96 lakh was sanctioned. In Kasaragod, Rs 5.6 crore was sanctioned in five false gold loan scam cases. Although three cases were recorded in Wayanad and four in Kannur and one in Kollam, the government did not disclose the amount of the loan.

MLA TV Ibrahim, who is one of the lawmakers who raised the issue in the assembly, said sanctions of millions of rupees against bogus loans are increasing at banks, mainly cooperative banks.

“Crime must be effectively prevented. That is why I raised the issue in the Assembly. The government should intervene in this matter, ”he said, adding that his party would intervene in the matter in the coming days.


Comments are closed.