Man arrested for defrauding Rs 3 lakh by mortgaging imitation gold

Representational Image | Photo: PTI

Ernakulam: Police have arrested one of the accused who defrauded West Kadungalloor Service Co-operative Bank by mortgaging imitation gold.

Binanipuram police arrested Kadungalloor native Shaji (42) for defrauding Rs 3 lakh.

Shaji, who is a welding worker, kept mortgage four times. One of the governing body members received information about money fraud at the bank, following which the mortgaged gold was inspected. The authorities informed police after realising that Shaji had mortgaged imitation gold bangles.

The bank has received information that another person, who is thought to be Shaji’s partner, has also defrauded money. He is yet to be taken into custody.

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