Andhra Pradesh - Nalgonda   

Gold scam: case against appraiser

Staff Reporter

NALGONDA: A case has been booked against Raghava Chary, appraiser of the Halia branch of Andhra Pradesh Grameena Vikas Bank (APGVB) for his alleged role in the gold loan scam.

The scam was uncovered in the third week of January and the police case against Chary booked on February 4. Officials reportedly delayed action to give a long rope to the appraiser in an attempt to recover as much amount as was possible.

The bank's vigilance manager conducted a probe into the episode from January 19 to 22 and found that some rolled gold ornaments were pledged by 155 persons to obtain loan.

"Raghava Chary added two tolas of gold to the one tola I brought to the bank saying he was in dire need of money. By pledging the total three tolas of gold against my name, we got a loan of Rs. 12,000 of which he took Rs. 9,000 and gave me only Rs. 3,000," K. Lingaiah, a local ryot, said.

"Mine is pure gold and I don't know the quality of gold added by him. Going by the official version, he deceived me. As the account was opened on my name, now I am in a soup," he rued.

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