BOI’s Telangana branch loses over Rs 4 crore to loan fraud, finds pledged ‘gold ornaments’ fake

Officials discovered a scam at Bank of India’s Khairatabad branch involving Rs 4.4 crore in loans against fake gold ornaments. Employees, an authorised gold evaluator, and customers collaborated to commit the fraud. The issue came to light when a suspicious colleague revalued the pledged ornaments, revealing the scheme.