Two held for cheating in Vellore
Two bank jewellery appraisers in Vellore were arrested for misappropriating ₹1.7 crore by pledging fake gold jewellery under 16 fraudulent customer accounts. The scheme, which spanned several years, was uncovered during a surprise bank inspection.
Why it matters
This case highlights vulnerabilities in banking security and the importance of internal audits in preventing financial fraud.
Two jewellery appraisers at a nationalised bank in Kavanur village were arrested for misappropriating ₹1.7 crore through 1,080 grams of gold sovereigns of fake jewellery.
The police said that the arrested persons were identified as B. Parthiban, 42, and G. Srinivasan, 55. They are residents of K.V. Kuppam. Initial inquiry revealed that Parthiban was working as an appraiser in the bank for over 15 years whereas Srinivasan was an appraiser for the past three years. During a surprise inspection at the bank, senior officials found fake jewellery that was pledged by creating 16 fake customer accounts.
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