The MVP police here have arrested 12 persons, including five gold appraisers, on the charge of cheating the Kotak Mahindra Bank to the tune of Rs six crore.
The arrested accused included Sunkuru Neelamadhav Subudi (34), his mother and others.
ACP P Ramachandra Rao said that Neelamadhav obtained some fake gold jewellery with the help of his friends who owned a jewellery store in Bhubaneswar in Odisha.
In collusion with the gold appraisers working for Kotak Mahindra Bank, he made his mother and few others pledge this jewellery and take a loan of Rs six crore in all.
The bank authorities realised it was a fraud when the borrowers defaulted on repayment.
Police arrested Neelamadhav, his mother S Syamala Subudi, five borrowers and five appraisers. The borrowed sum is yet to be recovered.
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