Four gold finance company staff detained for fraud in Bangalore; runaway branch manager


Yeshwantpur police have arrested four people working with a private gold finance company for defrauding the company and its customers.

Amarnath, a 38-year-old sales manager, Shivakumar, a 42-year-old deputy branch manager, Monisha, a 24-year-old assistant branch manager, and 28-year-old auditor Shankar Gowda were all arrested. attached to Yeshwantpur branch of Manappuram Gold Finance.

The head of the branch, considered the main suspect, is still at large and the police are trying to arrest him.

Police said the suspects allegedly misused much of the company’s money and deployed different methods of fraud on its customers. They would give customers half of the eligible loan amount and pocket the rest without their knowledge, in addition to placing fake gold in the company’s safe and misusing the gold provided by the clients.

Stole defaulters’ gold

The investigation reveals that the gang allegedly pocketed the money it had raised by selling the gold of customers who had not repaid their loans at public auctions.

Although the defendants have been involved in the fraud for a long time, it has recently come to light. The gang covered up their crime by shutting off the power to the building whenever auditors from corporate headquarters visited their branch. They were briefed on these visits by Auditor Gowda.

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