The Malad police have arrested a married couple who took a loan of Rs 14.76 lakh, against low-quality gold jewellery, from a Malad-based co-operative bank. When the accused, Hasim Gulam Saifi, 35, and Shabina Saifi, 35, failed to repay the loan by the deadline set by the bank, they received several notices. After the couple did not respond to the notices, the bank decided to auction the jewellery but its personnel was surprised to learn from a goldsmith that the jewellery against which the loan was given to the accused was not worth more than Rs 10 lakh. On the complaint of the bank manager, the couple was booked and arrested about six months after the registration of FIR under relevant sections of the Indian Penal Code.

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