Udupi: The Udupi police have successfully arrested five individuals involved in a fraudulent scheme where they used fake gold ornaments as collateral to secure loans from banks. The arrests followed a thorough investigation, which revealed a pattern of deception across multiple banks in the region.
The arrested individuals have been identified as Puneet Anand Kotyan from Ambapadi Kappattu, Sudeep from Tenkanidiyur Lakshminagar, Ranjan Kumar from Enagudde, Sarvajeet H. K. from Perdoor, and Rajesh Dilip Patil from Pune, Maharashtra.
The Case Background:
On October 30, 2025, following a complaint from the branch manager of Karnataka Bank in Kattinjeri, Shirva Police Station registered four separate cases (Criminal Nos. 74/2025, 75/2025, 76/2025, 77/2025) under sections 316(2), 318(4), and 3(5) of the BNS – 2023 Act. According to the complaint, the accused used fake gold ornaments, passing them off as genuine, to secure loans by pledging them as collateral at various banks.
Operation Across Four States:
In response to a rise in similar fraudulent gold pledge cases, Udupi Circle Inspector Kapu led the creation of three special investigation teams. These teams conducted operations in Bengaluru, Goa, Mumbai, and Delhi, where they traced and arrested the accused.
The police have seized ₹4,30,000 in cash, as well as a laser machine and computers used for creating fake hallmark gold. The arrested individuals were presented in court, where they were remanded to judicial custody.
Further Investigations:
During the investigation, it was revealed that the accused were involved in similar fraudulent gold pledge cases in areas such as Brahmavara, Hiriyadka, and Udupi town. The police have confirmed that the accused had committed several other similar crimes in these regions, using fake gold ornaments to deceive banks and obtain loans.
The police continue to investigate the full extent of the accused’s operations, and further arrests may be made as the investigation progresses.
