A gold valuer working with Indian Bank, accused of cheating the bank's Dharavi branch of Rs 3.77 crore, is found to have cheated its another branch to the tune of Rs 1.5 crore, the police said on Wednesday.
Ramaswamy Nadar (43), a gold valuer who worked for Indian Bank's Sion and Dharavi branches here, was arrested last week.
As per the complaint filed by the Dharavi branch, when it decided to liquidate some of its assets, it found that gold articles mortgaged with it for loans were fake.
It was Nadar's job to assess and certify genuineness of gold jewelery against which loans were given.
Nadar's accomplices provided fake gold articles to the bank while seeking loans, and Nadar certified these articles. After obtaining loans, his accomplices diverted the money into his account.
After the fraud came to light, the Sion branch too carried out audit of mortgaged gold in its possession, and found that it had been cheated of Rs 1.5 crore in the same way, police said.
A fresh case would be registered against Nadar, a branch official said.
He has been booked under IPC section 420 (cheating). Eleven others, his alleged accomplices, are absconding.
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