Editor’s Note
This article reports on a significant alleged fraud at a non-banking financial company, where customer gold was reportedly swapped with counterfeit items. The case underscores critical vulnerabilities in asset security and custodial trust within financial institutions. We are following developments and will update as more official information becomes available.
A major scam has come to light at the Dabra branch of Manappuram Finance Limited. During the company’s audit, it was discovered that 4 kg 380 grams of real gold belonging to 26 customers had been replaced with fake gold. The estimated value of this scam is around 4.5 crore rupees.
The case surfaced at this non-banking financial company branch located near the court when a customer arrived to collect his gold. Investigation revealed that his packet contained fake items. Following this, the company checked 8 lockers, where 26 packets were found to be fake.
Upon learning of the incident, the area manager and vigilance officer arrived at the scene. They informed the senior management about the matter. The company management has expressed suspicion towards the manager and assistant manager. Both have been handed over to the police. A complaint has been filed with City Station In-charge Yashwant Goyal. The company provides gold loans by accepting gold as collateral, and a large number of people take loans from here.
According to emerging information in this entire case, an audit was conducted at the company a month ago as well, but the matter was not exposed. In this entire scam, Assistant Manager Vikas Sharma and Manager Chandra Bhan Kushwaha are considered prime suspects because the locker keys were only with these two individuals. The locker would only open after both their keys were used. The management has handed both over to the city police.
When a person goes to a finance company to take a gold loan, there is a designated goldsmith who checks the quality of the gold jewelry. Based on this, deductions are made, the rate is fixed, and the amount is given as a loan. The gold is properly packed in polythene and sealed, which is then placed in the locker by the manager and assistant manager together. This entire matter came to light when a customer arrived to collect his gold. As soon as he opened the polybag containing the jewelry, he created an uproar. As the uproar occurred, the management was taken aback.
Senior officers were also informed. Soon, vigilance and audit teams all arrived at the finance company’s office. Quickly, other packets of gold jewelry were checked, and it was found that real jewelry gold weighing over 4 kg from approximately 26 packets had been replaced with fake.
The net weight of the jewelry deposited in the bank is reported to be 4 kg 380 grams, which falls under the GST ambit. Its value would be approximately 4.25 crore rupees, but if the market price of this same gold is considered, it would exceed 5 crore.
It is being reported that gold worth approximately 11 crore was kept in this finance company, which belonged to poor and needy people of the area. There were also many people who were satisfied that their gold was not gone.
As soon as customers of the finance company learned about the jewelry tampering case, people from surrounding rural areas quickly gathered outside the office of Manappuram Finance Limited and at the police station. People were worried about what would happen to their jewelry now. How would they get back the jewelry earned with their blood and sweat?
Said Ramveer Karan, a farmer from Sarnagat village.
Regarding this, City Station In-charge Yashwant Goyal said that real gold weighing over 4 kg has been replaced with fake gold at Manappuram Finance Limited company. Company officials have come with an application. Complete information is being gathered in the case. The role of insiders is under suspicion in the tampering. The case is being investigated. A crime will also be registered.
Said City Station In-charge Yashwant Goyal.
