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Sales manager, 2 others in 6-day police custody | Rajkot News

A day after Axis Bank sales manager Mansing Gadhiya and two of his subordinates were arrested for alleged fraud of Rs 2 crore, a local court in Veraval town of Gir Somnath district on Friday sent them to police custody for six days. The police told the court that Gadhiya was managing the gold loan business in 11 other branches of the bank and that the extent of fraud was yet to be ascertained.

Inspector Sunil Israni, in charge of Veraval town police station, told The Indian Express: “We drew the court’s attention to the fact that besides looking after gold loan business at the Axis Bank branch in Veraval, Gadhiya is managing gold loan business at 11 other branches in Saurashtra and Union Territory of Diu. The police needs to investigate if the accused misused the process and extended loan to fake customers at other branches also and if anyone else was involved in the crime.”

Gadhiya was arrested along with his subordinates Vipul Rathod and Pinky Khemchandani on Thursday.
A resident of Kodinar town, Gadhiya has been with the Axis Bank since 2015, the police said. While Rathod, sales officer at the branch, has been with the bank since five years, Khemchandani, the gold loan officer, has been attached to bank for three years.

The three were booked on Wednesday after Sarman Solanki, manager of Veraval branch, filed a police complaint. They have been booked under sections 409 (criminal breach of trust by public servant, or by banker, merchant or agent), 406 (criminal breach of trust), 420 (cheating and dishonestly inducing delivery of property), 465 (forgery), 467 (forgery of valuable security, will etc), 468 (forgery with purpose of cheating) and 120B (criminal conspiracy) of the Indian Penal Code.

In his complaint, Solanki had stated that the three replaced with imitation jewellery the gold jewellery submitted by applicants as collateral for availing gold loans. The accused then submitted the original jewellery as collateral for extending loans to fake customers.

Festive offer

The police said Gadhiya then got the fake customers to transfer money to his and his family and friends’ accounts and invested the same in the stock market. While Rathod would bring in fake loan applicants and source imitation jewellery, Khemchandani, who was custodian of gold submitted as collateral, allowed genuine gold to be replaced with other gold-like metal, the police added.

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“Investigation has revealed that the sales manager persuaded his two subordinates to be part of the criminal conspiracy by telling them that by extending loans this way, their business will increase and help them get promotion. But we are also investigating if the two subordinates received any pecuniary benefit by being part of the conspiracy,” Israni said.

The police said that the bank’s Veraval branch had advanced gold loans to 426 applicants over the last two years. After a surprise check by bank officials, it came to light that 2.746 kg of gold – worth Rs 2 crore – which was deposited as collateral by six applicants for availing loans, was siphoned by the accused.

The police said that prima facie, loans advanced to fake customers were being serviced regularly as Gadhiya would ensure that interest on loans was paid on a regular basis. “The bank officers are still verifying collateral submitted by against the 426 loans… We suspect the fraud amount is around Rs10 crore,” Israni said.

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