Surat Gold Loan Fraud: Borrower Booked for Duping Muthoot Money of ₹22.39 Lakh

Surat: A gold loan finance company’s branch manager in Puna has filed a complaint against a borrower for allegedly duping the firm of ₹22.39 lakh after obtaining the amount to repay his existing gold loans.

According to the FIR registered at Puna police station on September 5, Ashok Madanka approached Muthoot Money Ltd branch manager Paras Agrawat on July 6, claiming he had two gold loans with Muthoot FinCorp worth ₹22.39 lakh and wanted to transfer them due to the 12.99% interest rate.

The company sanctioned the loan at 11.90% interest and transferred ₹22.39 lakh through RTGS to Madanka’s IndusInd Bank account on July 22 to repay the existing loans.

Agrawat and a colleague accompanied Madanka to the Muthoot FinCorp branch in Sarthana to complete the repayment and collect the pledged gold. Madanka allegedly entered the branch but did not return. Officials later learned that he had not repaid the loans and had allegedly withdrawn the entire amount from his bank account.

Company officials also visited his residence but could not locate him.

Puna police have registered a case under Section 318(4) of the Bharatiya Nyaya Sanhita (BNS) and launched an investigation. DeshGujarat