Ahmedabad Jewellery Employee Allegedly Swindles Rs 7 Lakh in Fake Gold Loan Scam
In a shocking incident from Ahmedabad, an employee has been accused of orchestrating a sophisticated fraud scheme, allegedly cheating a Vatva-based jeweller of nearly Rs 7 lakh. The scam involved issuing cash loans to purported customers against counterfeit gold chains, according to police reports filed on Wednesday.
Details of the Alleged Fraud
The store owner, who operates a licensed money-lending and jewellery business, reported that the accused employee had been hired five years ago. However, the employee had not reported to work for the past three months, raising initial suspicions. The fraud came to light when the jeweller noticed that several customers who had pledged gold chains for loans had become unreachable and stopped answering calls.
Upon investigation, the owner discovered that the pawned items were fake. In his FIR, he stated, "The employee won my trust and sent different customers to pledge counterfeit chains as genuine gold to obtain money." The employee allegedly facilitated the scam by sending his associates to the shop with imitation gold chains, which were then used as collateral for loans.
Timeline of the Fraudulent Loans
According to the complaint, the fraudulent activities spanned several months:
- October last year: The first loan was issued, with a 'customer' pledging a chain weighing approximately 37 grams and receiving Rs 3 lakh at a 1% monthly interest rate.
- December: A second loan of Rs 1.50 lakh was given against another chain at the same interest rate.
- Also in December: A third loan of Rs 2.50 lakh was issued against a chain, bringing the total amount loaned to Rs 7 lakh in cash.
All these transactions were based on fake gold chains, which the jeweller only identified as counterfeit after the borrowers defaulted and vanished.
Arrest and Police Action
The owner's suspicion intensified during another attempted pledge, prompting him to immediately contact police control. Subsequently, the fake customer and the former employee were detained for questioning. The owner handed both individuals over to Vatva police, who have now filed a formal complaint against them.
This case highlights vulnerabilities in the jewellery and money-lending sectors, where trust in employees and customers can be exploited. Authorities are investigating further to determine if there are additional victims or linked frauds.
