Gold appraiser held for cheating bank of more than ₹4.5 crore

Gold appraiser held for cheating bank of more than ₹4.5 crore

TIMES NEWS NETWORK

Chennai:15.07.2021

A 52-year-old man who worked as a gold appraiser at Union Bank of India, Tiruvallur branch was arrested for pledging fake gold and swindling the bank of more than ₹4.5 crore between 2018 and 2020.

The incident came to light during the bank’s audit carried out recently. The bank manager informed the higherups about the swindling.

The auditing team confirmed that K M Meganathan, the gold appraiser at the branch, had cheated the bank of more than ₹4.5 crore between 2018 and 2020.

Inquiries revealed that Meganathan, who had been employed at the bank since 2011, admitted that he had submitted fake gold in names of 137 individuals with an intention to cheat the bank.

Based on the complaint of Biraja Prasad Das, deputy general manager of the branch, the Tiruvallur district crime branch registered a case. Due to the pandemic, police said, the bank officials delayed lodging the complaint.

Tiruvallur superintendent of police V Varun Kumar reviewed the case and ordered action against the accused. Following this, a police team led by deputy superintendent of police P Asokan and inspector of police Lilly, apprehended Meganathan from his house. He was produced before a magistrate court in Ponneri on Tuesday.

According to the direction of the court, an RT-PCR test was conducted on him and then he was remanded in Ponneri subjail. If the test result comes negative, he will be shifted to the Puzhal prison along with other prisoners from the Ponneri subjail.