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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Coin racket in Kolkata – man approaches banks to get Rs 50,000 in coins

A man has been trying to take large number of loose coins from banks – the police have arrested this man of Thakurpukur who tried to withdraw Rs 50,000 in coins. It seems he approached a bank and posed as an officer of RBI saying that he wanted to take stock of all coins in the possession of the bank. When the bank wanted proof of his identity, he changed his version and sad he was a researcher of coins.
His actions have made the police probe deep into his activities because, while the custody of the police, he is evading replies that would satisfy the police. This has led the police to suspect that some organized gang is behind such incidents, gangs that are associated with the smuggling of coins.
It seems loose coins ae at a premium in Kolkata. Five years ago bus operators used to pay premiums of Rs 2 to Rs 3 for every Rs 100. The rate has gone up to Rs 8 to Rs 10 now and, at times, they have to pay Rs 15 for every Rs 100. Shortage of loose change in the form of coins have led to innumerable incidents of refusals leading to quarrels, fights and violence between passengers and drivers of auto rickshaws – neither side wants to part with the loose change.
Incidentally, there have been allegations in the past that coins were being smuggled to Bangladesh where these are melted and converted to razor blades and ornaments.