SBI duped of Rs 1 crore, several farmers left to face the music: Check what happened

A jeweler in Haryana has managed to double cross the Dhand branch of State bank of India (SBI) in Haryana and flee with Rs 1 crore. Not just the bank, around 25-26 farmers of the area were also fooled by the man identified as Vijay, Hindi Daily Dainik Bhaskar reported today. 

The jeweler first gave the farmers counterfeit gold and asked them to apply for Gold loan. Later, the bank got the counterfeit gold verified by the same jeweler who told the bank that they were original. When the farmers got the loan, the jeweler took all the money from them and give them little interest, the report said.

The jeweler is now absconding with Rs 1 crore, while the farmers are named as borrowers in the official record. When the bank failed to recover money, it got the gold checked and found them to be counterfeit. 

One of the victim farmers told the Hindi daily that Vijay had approached them and managed to convince them to get the loan on his gold. The accused also told the farmers that if he failed to pay the interest on the loan, only his gold will be seized. The farmer doesn't have any certificate showing the gold was not counterfeit, nor do any other victims have. 

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Another victim said he had taken the loan in 2016 but the jeweler never paid back anything.

Taking a Loan or Mortgaging Gold?

For those who do not know, be aware of the fact that whenever someone approaches them to use their IDs (Aadhaar, PAN, others), they should say no, or else they will be held liable for any loss the bank suffers.