Credit society in Manchar files complaint over Rs 9.41 lakh loans taken on silver passed off as gold

A credit society has filed a fraud complaint at Manchar police station. According to the complaint, silver jewellery was pledged as gold ornaments, and loans totalling Rs 9,41,500 were taken from the society against it.

The complaint was lodged by society official Rajendra Shivram Gaykar, 60, a resident of Warulwadi in Junnar taluka.

According to the information available, on June 8, 2026, Sachin Radhakisan More opened an account and took membership at the Mahalunge Padwal branch of Shri Ambika Gramin Non-Agricultural Cooperative Credit Society. More had described himself as a resident of Nandur in Ambegaon taluka. The same day, he pledged jewellery weighing 38 grams 600 milligrams for a gold loan.

Kiran Suryakant Dahiwal, an employee who tests gold at the society, examined it. On the basis of his assessment, manager Yogesh Gawade sanctioned a loan of Rs 3,14,500, and the amount was credited to More's savings account.

On June 16, 2026, More again pledged jewellery, weighing 76 grams 900 milligrams, and took a loan of Rs 6,27,000. In the two transactions, loans totalling Rs 9,41,500 were thus taken.

A few days later, Dahiwal himself expressed doubts about the pledged jewellery. Society officials then tested the ornaments again. The complaint claims this test found only 22.57 per cent gold and 77.26 per cent silver in them.

The complaint makes a further allegation. When inquiries were made at the address given by More, it emerged that no person of that name lives in Nandur. The documents submitted for the loan are also alleged to be forged.

On the basis of these allegations, Gaykar has complained of silver jewellery being pledged as gold and of financial fraud against the society through forged documents. Manchar police are investigating the case further.