Man pledges silver jewellery as gold, takes Rs 9.41 lakh loans from Manchar credit society

A case of fraud against a credit society has come to light in Manchar. It is alleged that silver ornaments were pledged as gold jewellery and loans totalling Rs 9,41,500 were taken against them.

Rajendra Shivram Gaykar, an official of the society, has filed a complaint at Manchar police station. Gaykar is 60 years old and lives in Varulwadi in Junnar taluka.

The complaint states that on June 8, 2026, Sachin Radhakisan More opened an account and took membership of the society at the Mahalunge Padwal branch of Shri Ambika Gramin Bigarsheti Sahakari Patsanstha. More is said to be a resident of Nandur in Ambegaon taluka. The same day, he submitted ornaments weighing 38 grams 600 milligrams to take a loan against gold.

Kiran Suryakant Dahiwal, the employee who tests gold at the society, valued the ornaments. On that basis, manager Yogesh Gawde sanctioned a loan of Rs 3,14,500, and the amount was credited to More's savings account.

More returned on June 16, 2026. This time he pledged ornaments 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 drawn.

A few days later, Dahiwal, the employee who had tested the ornaments, himself became suspicious of them. Society officials then tested the ornaments again. The complaint claims that this test found the ornaments contained only 22.57 per cent gold and 77.26 per cent silver.

The matter did not end there. When inquiries were made at the address More had given, it emerged that no man of that name lived in Nandur. The complaint also alleges that the documents submitted for the loan were forged.

Gaykar has filed the complaint alleging financial fraud against the society by pledging silver ornaments in the name of gold and submitting forged documents. Manchar police are investigating the case further.