3 held for taking Rs 2.45 cr loan on fake gold

Kakinada: The Kakinada II Town police on Monday arrested three persons including an appraiser of UCO bank on the charge of withdrawing Rs 2.45 crore as gold loan in the name of 30 bank customers by mortgaging fake gold of 8.316 kg. They were identified as gold appraiser Tadoju Srinivasa Rao and his associates (relatives) Kottala Rambabu and Kondepudi Konda Raju.

Based on a complaint lodged by UCO Bank manager, II -Town Sub-Inspector Nageswar Naik registered a case and initiated action immediately.

Speaking to the media, Additional Superintendent of Police P Srinivas said that following the instructions of District Superintendent of Police M Ravindranath Babu, four teams have constituted to nab gold appraiser Srininvasa Rao, the main culprit.

According to the Additional SP, the accused had pledged fake gold of 8.316 kg belonging to 30 customers 60 times and drawn Rs 2,45,84,000 from the bank. He informed that the trio were sent for remand.

The additional SP stated that they would request the Judge to send them for further investigation. The investigation will include the interrogation of bank officials pertaining to the fraud.

SP Rainvdranath Babu appreciated and complemented DSP P Murali Krishna Reddy and II Town SI Nageswar Naik for nabbing culprits within a short time.