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Udupi Police Arrest Five in Fake Gold Loan Racket Bust
11 Nov
Summary
- Udupi police arrest 5 in inter-state fake gold loan racket
- Accused pledged counterfeit gold to obtain bank loans
- Police seize cash, forging equipment, and computer from suspects
On November 11, 2025, Udupi police announced the arrest of five individuals involved in an inter-state racket that saw them fraudulently pledging fake gold ornaments to obtain loans. The arrests came after a bank branch manager filed a complaint about the incidents.
In total, four cases were registered at Shirva police station last month under various sections of the law. The accused, hailing from Bengaluru, Goa, Mumbai, and Delhi, allegedly used counterfeit gold to secure loans from banks in Udupi district, thereby cheating the financial institutions.
Concerned by the increasing number of such incidents, the police formed three special teams led by the Kaup Circle Inspector to investigate the matter. The teams successfully tracked down and apprehended the suspects. Authorities seized Rs 4.3 lakh in cash, a laser machine used for forging fake hallmark symbols, and a computer from the accused.
The suspects were produced before the court, which remanded them to judicial custody. Interrogation revealed that similar incidents of pledging fake gold had also taken place in other parts of Udupi district, including Brahmavar, Hiriyadka, and Udupi town.
