A 64-year old appraiser has allegedly duped a nationalised bank branch here to the tune of Rs 6.71 crore by getting loans in the names of several individuals in the last two years by pledging fake gold jewellery, police said.
Based on a complaint from the Central Bank of India officials, a case was registered on Wednesday and a hunt was on for the appraiser, attached to the Chilakalapudi branch here in Krishna district, who is absconding, they said.
The man had been working as appraiser in the branch since 1998.
According to a complaint lodged by the bank's Senior Regional Manager Vinod Pophale, the fraud came to light during an internal re-appraisal of pledged jewels conducted recently as per norm.
Police said further investigation was on to trace those who had pledged the spurious gold.
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