An Indian man walks into a bank while another man waits outside, illustrating a suspected gold loan fraud case in a contemporary urban setting.
Ahmedabad : A 42-year-old man allegedly cheated IIFL Finance of Rs 22.4 lakh by obtaining three loan transfers into his bank account on the pretext of shifting his gold loan to the company’s Gota branch and then reclaiming the pledged gold from a Manappuram Finance branch in Jodhpur without depositing it with IIFL. The accused approached the branch on July 27 seeking to transfer his existing gold loan from Manappuram Finance‘s Jodhpur branch, according to the complaint. A complaint was filed with Sola police on Thursday by Jimit Shah, territory manager at IIFL Finance’s Vande Mataram Road branch in Gota.
The accused allegedly submitted his original Aadhaar and PAN cards along with documents relating to gold ornaments weighing 246 grams. Shah stated that the accused, accompanied by an IIFL employee Mehul Chauhan, visited his bank, withdrew Rs 3 lakh in cash and transferred Rs 19,13,185 to Manappuram Finance to repay the existing gold loan. He also provided a cheque from his Kotak Mahindra Bank account as part of the loan transfer process.
However, when IIFL officials contacted the Jodhpur branch the following day, they were informed that the accused had already cleared the loan and collected the gold around 3pm.