Gold loan disbursement racket busted in Delhi, 5 held

Delhi Police busted a racket involving officials of a non-banking financial company (NBFC) and arrested five accused in the case, the police said on Sunday.

As per the official statement of the police, the racket allegedly involved the disbursal of loans keeping fake gold jewellery as security.

Police have recovered Rs. 10.5 lakh cash, fake or dummy gold jewellery, fake ID's, fake loan applications forms and property papers from the five accused.

"Five people including two employees of a Nirman Vihar-based NBFC have been arrested for duping the company by issuing loans against fake gold jewellery," said the police.

"The accused are identified as Sanjay Naresh Prajapathi, 36 years who used to work as a branch manager. Nishant Bhole, 29 years, was working as a gold appraiser in the company. Jitender Verma 42 year, he was previously involved in six cases of cheating, Sandeep Kumar 46 years, he was also previously involved in 3 cases of cheating, Mukesh Kumar 35 years," the police added.

Sanjay Prajapati was apprehended from Pulbangash Metro Station. Subsequently, three more associates namely Jitender Verma, Sandeep and Mukesh were also apprehended from separate places, the police informed.

Further investigation is underway in the case.

( With inputs from ANI )