Daijiworld Media Network – Mangaluru

Mangaluru, Oct 21: A large-scale fake gold loan scam has come to light across Karnataka, where fraudsters are pledging counterfeit gold ornaments to secure loans worth crores of rupees. Co-operative societies and finance institutions have emerged as the primary targets of this network. The fake ornaments are reportedly being brought from Mumbai, Uttar Pradesh, and Visakhapatnam, and circulated across the state through agents operating on a commission basis.

The counterfeit jewellery appears identical to real gold but contains only about 20–30% genuine gold, making it extremely difficult to detect. The ornaments are crafted using an iron base coated with two to three layers of gold plating to give them a realistic shine. Recently, the arrest of three

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