Monday, October 3, 2016

Gold appraiser held


THIRUVANANTHAPURAM: A bank appraiser accused of fraud in certification of gold ornaments was arrested on Sunday. Palaniyappan, a native of Chenthitta, had been employed on contract-basis at the Ulloor branch of the Indian Overseas Bank, where he was responsible for examining and certifying the weight and purity of ornaments submitted to the bank by gold loan applicants.

It was found that over two years, Palaniyappan had certified fake gold jewellery as pure gold in around 85 loan applications made by 30 customers, and thereby gained an illicit amount of Rs 28 lakh. He was arrested from the Ulloor area. It is suspected that more people including the bank employees were involved in the crime.

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