The Old Goa Police have registered a case against three individuals for allegedly cheating a finance company out of ₹16.49 lakh by pledging fake gold ornaments to secure loans.
The FIR was registered following an order issued by the Judicial Magistrate First Class (JMFC), Merces. According to police, the accused named in the case are Bhimappa and Chandrappa, both residents of Headland Sada, and Naushad from Vasco da Gama.
The trio allegedly submitted spurious gold items as collateral to obtain multiple loans from the finance company, causing a substantial financial loss to the institution. Police officials confirmed that a detailed investigation is underway to determine the extent of the fraud and uncover any wider network involved.
The case has raised fresh concerns over the use of counterfeit gold in financial frauds, prompting authorities to tighten verification procedures across lending institutions.