Gang raising loan on fake jewellery busted, 5 held

Tribune News Service

Ludhiana, December 12

The CIA 2 wing of the city police have booked eight persons on the charge of committing a fraud by obtaining loan on fake jewellery. Five of the suspects have been arrested.

Those arrested have been identified as Sukhwinder Singh of HIG flats, Jamalpur; Deepak Kumar of New Shivpuri, Paramjit Singh and his wife, both residents of Indira Colony; and Ajay Kumar of Nanak Nagar, Karabara. The suspects who have absconded are Kulwinder Singh of Haibowal, Guddu of Bindra Colony and Jain of Shivpuri.

The investigating officer, ASI Randhir Singh, said during routine patrolling at Sanjay Gandhi Colony near Sector 32, an informer told the police that the suspects were running a gang and Sukhwinder, a jeweller, was their kingpin.

The gang prepared fake gold ornaments and raised loans from banks by mortgaging them. The gang had obtained huge sums in loan from banks.

The ASI said the suspects recently obtained a loan from Federal Bank, Chandigarh Road, by submitting fake gold ornaments as mortgage. Yesterday, they were standing near the Vardhman mill, Chandigarh Road, with the motive of committing another fraud. The CIA team conducted a raid and nabbed the suspects. During a search of their car, 95 gram of fake gold ornaments were recovered. The police also seized the Innova car belonging to the suspects.

Meanwhile, three suspects escaped during the raid. A case under section 420 (cheating) and 120 B (criminal conspiracy) was registered against the suspects.

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