The Colaba Police recently uncovered a fraudulent scheme involving three persons who availed of a loan of Rs 18.70 lakh from a bank by using counterfeit gold as collateral. The person entrusted by the bank to assess the authenticity and value of the gold was complicit in the fraudulent act.

Here's how the scheme unfolded: An individual named Anil Mote sought a loan from the bank, pledging his gold as security. The bank engaged the services of one Bhairawlal Jain to evaluate the genuineness and appraised value of the gold.