Finance company foxed with two fake gold rings

Finance company foxed with two fake gold rings

April 8, 2023

Mysuru, Apr. 8 (BCT)- Two persons involved in pawning fake gold against a loan with a private finance company are in a soup as the company has booked a Police case against them.

Muthoot Fincorp has complained that Narasimha Murthy and Premkumar, residents of Maralagala in Srirangapatna, had pledged two gold rings weighing 20 grams on Apr. 22, 2022 and had obtained a loan of Rs. 70,000.

Police said that the company realised about fake gold during an audit. The audit revealed that the loan has not been repaid. When the quality of gold was checked, it turned out to be fake. To fox the finance company officials, the accused had done thick gold plating on the jewellery.

When the fraud came to light, the outlet manager G. Satish called Narasimha Murthy and asked why the money had not been repaid to the company. The latter replied that the rings belonged to his friend Premkumar. Narasimha Murthy assured Satish that he would ask his friend to report to the company and release the gold after paying back the loan and interest.
However, neither Premkumar nor Narasimha Murthy came back to the company and Satish has lodged a Police complaint. Police said that usually the gold is tested with a stone rubbing test and nitric acid test done to ascertain whether it is genuine or not. But here with thick gold plating, the duplicity could not be detected while the rings were mortgaged. Vijayanagar Police have registered a case.


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