Huge embarrassment for a nationalized bank in Allahabad – it was guarding fake gold

The main branch of SBI Bhadohi is embarrassed no end because it has been revealed that the ‘gold’ it was guarding in its vault for the past several years was anything other than gold. It was a scam of the highest order and the bank has been caught on the wrong foot.
This has been reported in timesofindia.indiatimes.com dated 25 March 2015.

The gold was in the form of jewelry, coins and gold bars amounting to nearly 4-Kg and was pledged to the bank against various loans that totaled around over Rs 1 crore. The loans had been given in 2012 under the Agri-gold loan scheme.
However, when the borrowers stopped paying the monthly installments, the bank issued notices and, subsequently, when the outstanding instalment amount crossed Rs 88.32 lakh the bank authorities became suspicious and tested the gold. It was only then that it was revealed that what had been pledged as gold was not gold!!
The manager of the bank has lodged a report against 27 people in Kotwali – they include the field officer of the bank, the Varanasi firm that had tested the gold and certified the purity and the 25 persons who had availed the loans against fake gold.

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