Hanamkonda, Sept. 10 : Hanamkonda police have arrested two individuals for defrauding a gold finance company of ₹59.30 lakh by producing forged gold pawn documents without pledging actual gold ornaments. Hanamkonda Inspector Macha Shivakumar released the details of the arrest following an investigation.
The arrested accused have been identified as Elimati Santhosh (37), Chairman and CEO of Shriman Co-operative Credit Union, and Vaddepally Ranjith (39), a local businessman. According to police, both suspects hatched a conspiracy and generated a fake pledge receipt claiming that approximately 640 grams of gold belonging to Ranjith was held as collateral with the Shriman Co-operative Credit Union.
Relying on the forged receipt without physically verifying the gold, the representative of the gold finance company transferred ₹59,30,000 via RTGS to the bank account of Shriman Co-operative Credit Union. When representatives later realized the fraud and threatened legal action, the suspects diverted the funds for other personal uses. Police seized mobile phones and counterfeit pledge receipts from the accused, who have been remanded to custody while investigators probe whether other financial institutions were similarly targeted. Inspector Shivakumar advised gold finance firms and banks to physically verify pledged gold assets prior to authorizing financial transactions.
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