Goldsmith, 6 Others Arrested in ₹70 Lakh Loan Fraud in Balasore

Balasore: Balasore Police has arrested seven individuals, including a goldsmith, following an alleged loan fraud case involving fictitious loans at Central Bank. The goldsmith, identified as Padmalochan Rana, played a key role in assessing gold authenticity and valuation for the bank.

Rana, working for the bank for around five to six years, reportedly orchestrated the scam by certifying fake gold as genuine, leading the bank to approve gold loans for customers. Approximately 14 customers are suspected to have pledged fake gold, securing loans worth Rs 70 lakh. The fraudulent activity was uncovered when a central team from Bhubaneswar inspected the bank and detected the counterfeit gold.

The concerned bank manager filed a formal police complaint after discovering the discrepancy. Balasore City DSP, Gayatri Pradhan, noted that the investigation is ongoing to determine the extent of involvement of other individuals, including bank staff, in this fraudulent scheme. Further developments in the case will be closely monitored.