Gold loan fraud: bank agents renounce
Sunil Jose, 51, chief partner of the State Bank of India (SBI), branch of Karalam, who siphoned off 2.76 crore yen by forging documents for pledging gold, surrendered Wednesday in front of the Crime Directorate.
Previously, the Thrissur District and Sessions Court rejected his request for bail before the arrest. He and the bank manager are suspended.
Sunil Jose from Karukulangara, Irinjalakuda, carried out the fraud between October 2018 and November 2020.
He pledged gold, already pledged by customers, on behalf of his relatives and friends to siphon money. He created bogus gold loan requests on behalf of his relatives by signing the documents to embezzle 1,27,59,000.
He is also said to have sold gold ornaments promised by customers of the bank. On top of that, he allegedly embezzled a sum of 9 lakh given by clients to close their loans. He returned gold to clients by manipulating documents, causing the bank to lose over 2.76 crore.
He used to keep a close friendship with bank officials and customers. The bank manager, gold appraiser and senior partner kept the keys to the locker. The fraud was discovered during an audit of the bank.
Although Kattoor Police initially recorded a case over a complaint from the deputy bank manager, it was later turned over to the Criminal Branch.