Gold loan finance firm managers arrested in Rs 4.43 crore fraud linked to online gambling

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The Crime Branch made an announcement, disclosing the capture of five individuals, including the manager and assistant manager of a private gold loan finance firm. These suspects stand accused of orchestrating a fraud amounting to over Rs. 4.43 crore, which they subsequently misused on online gambling and betting activities.

According to the authorities, the fraudulent scheme involved the misappropriation of funds from approximately 95 clients, as well as securing substantial loans through the creation of multiple sham accounts. Investigations are currently underway to determine the potential involvement of additional company staff members, with further actions to be taken accordingly.

DCP (Crime Branch) Shrut Kirti Somavanshi revealed that the investigation stemmed from a complaint filed by Ramsevak, the manager of the Indrapuri branch, on February 26 at the Piplani police station. The complaint accused the suspended branch manager Sanjay Saini and assistant manager Ajay Pal Singh Rajput of misappropriating gold and company funds at the Indrapuri branch, resulting in a loss of Rs. 4.43 crore over the past year.

In response to the severity of the allegations, Police Commissioner Harinarayanchari Mishra transferred the investigation to the Crime Branch. Subsequently, the former Branch Manager Sanjay Saini, Assistant Manager Ajaypal Singh Rajput, and three other individuals connected to online betting—Ravi Shankar Rajput, Sandeep Patel, and Farhan Khan—were detained from various locations.

As reported by The Times of India, during interrogation, it was disclosed that Sanjay Saini was influenced by his neighbor Ravi Shankar Rajput’s lavish lifestyle, which was funded through illegal online gambling apps. Beginning with modest bets, Sanjay gradually escalated to larger sums, ultimately incurring substantial losses. To offset these losses, he resorted to manipulating gold pledged by customers and siphoning off customer loan repayments for personal use. Additionally, he fabricated fake loan cases using the identities of acquaintances and friends to secure further funds.

The other detainees were implicated in online betting activities and were reported to have worked for an individual named Sonu from Bairagarh, earning a ten percent commission. The search for Sonu is ongoing.

The individuals apprehended include the suspended branch manager Sanjay Saini from Sironj in Vidisha district, assistant manager Ajaypal Singh Rajput from Begumganj in Raisen, Ravi Shankar Rajput from Narsinghpur, Sandeep Patel from Bhanpur Chhola, and Farhan Khan from Shiv Nagar in Nishatpura, all of whom are associated with online gambling apps.