Representative image of fraud.
Credit: iStock Photo
Thane: Police have registered a case against 22 persons for allegedly cheating a private cooperative bank in Maharashtra's Thane district of Rs 39.25 lakh by mortaging fake jewellery, an official said on Sunday.
The accused obtained loans from the bank's branch in Mumbra area between November 2020 and November 2021 by mortgaging jewellery. Some of accused took multiple loans.
Later, during the audit and inspection, it came to light the jewellery mortgaged was not genuine, the official from Mumbra police station said.
Based on the complaint by a bank official, a case was registered on Thursday against the 22 persons under Indian Penal Code sections 420 (cheating), 409 (criminal breach of trust) and 34 (acts done by several persons in furtherance of common intention), he said.