Five Arrested in Udupi for Orchestrating Fake Gold Loan Scheme
Udupi: Udupi Police have apprehended five individuals allegedly involved in an elaborate scheme to defraud Karnataka Bank by pledging counterfeit gold ornaments as collateral for loans. The arrests follow an investigation into multiple complaints filed by the bank’s Kattingeri branch on October 30, 2025.
The accused have been identified as Puneet Anand Kotyan of Kappettu, Ambalpadi, Udupi; Sudeep of Lakshminagar, Tenkanidiyur, Udupi; Ranjan Kumar of Katapady, Kaup Taluk; Sarvajeet H.K. of Alangaru, Perdur, Udupi; and Rajesh Dileep Patel of Srinagar, Rahatani, Pune, Maharashtra.
Based on the complaint, Shirva Police registered four separate cases (Crime Nos. 74/2025, 75/2025, 76/2025, and 77/2025) under Sections 316(2), 318(4), and 3(5) of the Bharatiya Nyaya Sanhita (BNS) Act, 2023, which pertain to offenses of fraud and deception. The bank alleges that the accused individuals colluded to mortgage fabricated gold ornaments to secure loan disbursements.
In response to the rising incidence of such fraudulent activities within Udupi district, a specialized task force comprising three police teams was assembled under the command of Circle Inspector Kapoor. These teams launched coordinated operations spanning multiple states, including Karnataka, Goa, Maharashtra, and Delhi, ultimately leading to the successful apprehension of all five suspects.
During the operation, law enforcement officials seized Rs 4,30,000 in cash, along with a laser engraving machine and computer equipment purportedly utilized in the creation of counterfeit hallmark stamps designed to enhance the credibility of the fake gold.
Following their arrest, the accused were presented before the jurisdictional court and subsequently remanded to judicial custody pending further investigation. Preliminary interrogations have indicated that the accused may be implicated in similar fraudulent activities within the jurisdictions of Brahmavar, Hiriyadka, and Udupi Town Police Stations. Authorities are currently investigating these potential connections.
The operation was conducted under the supervision of Dr. Harsha Priyamvada (IPS), Assistant Superintendent of Police, Karkala Sub-Division, and Circle Inspector Azmath Ali (Kaup). The core team comprised PSI Manjunath Marabad, PSI Lohith Kumar C.S., PSI Anil Kumar T. Nayak (Padubidri), ASI Sridhar K.J., and staff members Kishore, Manjunath, Arun, Siddaraya, Nagaraj, and CHC-68 Nagaraj from Shirva and Padubidri Police Stations.