Gold finance company duped of Rs 3.25 lakh

Bhopal: A fraudster duped a private gold finance company in Shahpura of Rs 3.25 lakh by misleading staff with a fake proposal to transfer mortgaged gold from another finance firm. The accused claimed he already mortgaged his gold at a New Market-based gold loan company but would shift it to the Shahpura branch if offered a higher loan amount. Trusting his past record with the company, the branch issued him a cheque—without verifying the actual gold. Acting on the complaint, Shahpura police registered a case and started investigations.
According to police, the complainant Vasant Deshpande, an employee at the Rohit Nagar branch of the finance company, reported the incident. The accused, identified as Rakesh Chaure, a resident of Narmadapuram, was familiar to the branch staff, having previously taken a loan by pledging gold. In Jan, Rakesh visited the branch again and claimed that if the Shahpura-based company offered a better amount, he would retrieve his gold from the other lender and pledge it here instead.
After communicating with the head office and completing the paperwork, the company handed him a cheque for Rs 3.25 lakh. It was agreed that the cheque would be cleared only after the gold was officially pledged. However, Rakesh misused the documentation to cash the cheque at the bank and fled with the money without ever depositing the gold.
Police registered a case of fraud and launched a search for the accused. Officials are also probing the possible negligence or involvement of finance company staff in the scam.
Bhopal: A fraudster duped a private gold finance company in Shahpura of Rs 3.25 lakh by misleading staff with a fake proposal to transfer mortgaged gold from another finance firm. The accused claimed he already mortgaged his gold at a New Market-based gold loan company but would shift it to the Shahpura branch if offered a higher loan amount. Trusting his past record with the company, the branch issued him a cheque—without verifying the actual gold. Acting on the complaint, Shahpura police registered a case and started investigations.
According to police, the complainant Vasant Deshpande, an employee at the Rohit Nagar branch of the finance company, reported the incident. The accused, identified as Rakesh Chaure, a resident of Narmadapuram, was familiar to the branch staff, having previously taken a loan by pledging gold. In Jan, Rakesh visited the branch again and claimed that if the Shahpura-based company offered a better amount, he would retrieve his gold from the other lender and pledge it here instead.
After communicating with the head office and completing the paperwork, the company handed him a cheque for Rs 3.25 lakh. It was agreed that the cheque would be cleared only after the gold was officially pledged. However, Rakesh misused the documentation to cash the cheque at the bank and fled with the money without ever depositing the gold.
Police registered a case of fraud and launched a search for the accused. Officials are also probing the possible negligence or involvement of finance company staff in the scam.