Couple swindles Rs 47 lakh by taking loan on fake gold; fraud lasted for a year without getting caught

PARAPPANANGADI: A couple from Kadalundi Nagaram was arrested for swindling lakhs from a co-operative bank after taking loan on fake gold. The accused have been identified as Ahmed (45) of Kadalundi Nagaram Kizhakkande Puraikkal house and his wife Asma (40). They were arrested by the Parappanangadi police from a flat at Pantheeramkavu in Kozhikode.

As per the complaint, it is alleged that the couple swindled Rs 24 lakh from Vallikunnu Service Co-operative Bank's Anangadi branch and Rs 23 lakh from the Ariyalur Co-operative Bank. They had taken loan on the fake gold for 31 times from May 2021 till February 2022.

On being questioned, the accused confessed that they had received the fake gold from a Thodupuzha native. The accused was paid Rs 500 for a gram of fake gold. The police have started investigation to find out the fake gold’s origin. We are also investigating whether the bank officials are involved in the fraud or not, said the police.

According to the provisions currently imposed on the accused, they could be sentenced with imprisonment up to seven years. The police have taken the fake gold into custody as part of the investigation. Currently, the gold has been sent to the Kozhikode Regional Chemical Lab for examination.