VIJAYAWADA: Bhavanipuram police have registered a case against five employees of a private gold financing company and three customers for allegedly defrauding the company by pledging fake gold ornaments. The accused, all associated with KLM Axiva Finvest Limited’s Bhavanipuram branch, reportedly misused their positions to issue loans amounting to Rs 8 lakh.
According to Bhavanipuram Circle-Inspector K Umamaheswara Rao, the employees—Gangireddy Subba Reddy, Kokkiligadda Hima Bindu, Manasa, Rallabandi Sivakumar, and gold appraiser R Mounika—collaborated with customers Vutukuri Annapurna, Kolli Krishnaveni, and Sivakumar Mani to carry out the fraud.
The irregularities came to light during an audit by the company’s head office, which uncovered fake gold ornaments pledged as collateral for loans. “The accused confessed their misconduct and agreed to repay the amount but later absconded after resigning from their posts without prior notice,” the Circle Inspector said.
Based on a complaint filed by the branch manager, police have registered a case and initiated an investigation.
