Baidyanathpur police in Odisha’s Ganjam district arrested three individuals for allegedly deceiving six banks by mortgaging counterfeit gold ornaments, resulting in a loss of Rs 24 lakh.
The accused—Abhinav Srivastava from Mirzapur (Uttar Pradesh), Biswajit Kar from Balasore, and Sheikh Manjur Elahi—were found in possession of fake gold bangles, earrings, and silver-coated items. Their scheme involved convincing a local man, P Purushottam from Hinjilicut-Badakhande, to open multiple bank accounts in his and his relatives’ names. The trio promised him financial support to start a prawn factory, offering what they claimed was old gold jewellery to secure loans.
Over 18 months, Purushottam secured loans exceeding ₹20 lakh from banks in Berhampur, Hinjilicut, and Mandia Palli. The fraud unraveled when he attempted to sell some of the jewellery and discovered it was merely gold-coated metal. Acting on his complaint, police orchestrated a sting operation that led to the arrest of the accused in Berhampur.
Authorities are continuing their investigation to determine the full scope of the racket and whether more individuals or institutions were affected.
