Police in Maharashtra’s Satara district have registered a cheating case against two individuals for allegedly defrauding a finance company of ₹10.35 lakh by pledging counterfeit gold bangles bearing fake hallmark and carat markings. The accused allegedly passed off the imitation jewellery as genuine gold to obtain loans from the finance company.
According to the complaint, the alleged fraud took place between March 25 and June 26 at the Satara branch of EMarks Finance Company, located in the Pantacha Got area. Investigators allege that the accused affixed counterfeit hallmark and carat stamps on fake gold bangles to make them appear authentic before depositing them as collateral for gold loans.
Based on the allegedly forged jewellery, the accused secured loans amounting to ₹10.35 lakh from the finance company. The complaint alleges that they deliberately misrepresented the fake ornaments as genuine gold, thereby cheating the lender and causing significant financial loss.
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The complaint was lodged by Shrikant Diliprao Bhoite, an employee of EMarks Finance Company. Acting on the complaint, Satara City Police registered a criminal case against Somnath Bhujangrao Babar, a resident of Sablewadi in Satara district, and Umesh Shashikant Shinde, originally from Koregaon in Satara district and currently residing near Potdar Mill in Mumbai.
Investigators are examining how the counterfeit jewellery was prepared and whether the accused were part of a larger network involved in producing or circulating fake hallmark gold ornaments. Police are also verifying whether similar fraudulent loans were obtained from other financial institutions using the same modus operandi.
The investigation is currently underway, with officials collecting documentary evidence and examining the pledged ornaments through technical and forensic methods to establish their authenticity and determine the extent of the alleged fraud.
Renowned cybercrime and economic crime expert and former IPS officer Prof. Triveni Singh said that counterfeit hallmark fraud has become an emerging threat for banks, finance companies, and gold loan institutions. According to him, fraudsters often use fake hallmark stamps and forged purity markings to deceive lenders into believing that counterfeit ornaments are genuine. He stressed that advanced metallurgical testing, forensic examination of hallmark markings, verification of loan documentation, and a detailed investigation into the source of the counterfeit jewellery are essential to exposing the complete fraud network and preventing similar financial crimes in the future.
