According to the complaint, borrowers conspired with the appraisers to pledge counterfeit gold ornaments and secured gold loans to the tune of Rs 63.39 lakh. Based on the complaint, the CCB registered a case and launched an investigation. The police said investigations revealed that the borrowers, in collusion with the appraisers, had pledged fake gold ornaments on 22 occasions with the intention of cheating the bank.
All the arrested persons, three on June 29 and the five on Thursday, have been remanded in judicial custody.