Gwalior Gold Scam: 4.38 Kg Gold Worth Over ₹4 Crore Replaced With Fake Metal At Mannapuram Bank

Gwalior (Madhya Pradesh): A movie-like Gold-scam uncovered from the Manappuram Finance Limited, where customers’ ornaments worth about ₹4.5 crore were replaced with fake metal at Dabra branch of Madhya Pradesh’s Gwalior. 

Police said that around 4.38 kg of real gold belonging to 26 customers was replaced with the fake gold. 

According to information, the scam was carried out at the Dabra branch and it came to light during the company’s internal audit.

The case surfaced when a customer came to collect his jewellery and found that his packet contained fake ornaments. 

After this, officials checked 8 lockers and discovered that 26 packets were fake.

As soon as the matter was reported, the company’s area manager and vigilance officer rushed to the branch and informed senior management. 

The account holders also lodged a complaint with the City Police Station, demanding a thorough probe.

Branch Manager and one other suspected

Police suspect the involvement of Branch Manager Chandrabhan Kushwaha and Assistant Manager Vikas Sharma, as both had access to the locker keys. The company has handed them over to the police for investigation.

City Police Station in-charge Yashwant Goyal confirmed that the company has filed a formal complaint. He added that the matter is serious but still under investigation, so it is too early to draw final conclusions.

Meanwhile, panic spread among customers, and a large crowd gathered outside the branch after news of the scam broke out.