There are many kinds of loans available in banks. But a bank in Chikkaballapur has given more than 50 lakhs loans for fake gold. Yes, you read it right. This is what happened.

Rajashekharachari of Beechaganahalli in Chikkaballapur works as the Gold Appraiser at Canara Bank. His failed intelligence has cost the bank Rs 66 lakh and jail life for himself.

Rajashekharachari used innocent farmers account to make deposits of fake gold and get the loan approved. So far he has cheated the bank to the tune of Rs 66 lakh.

The man has approved 80 gold loans from January 2015 to October 2016. He had used the accounts of farmers without their notice. But when banks started sending them notices to pay the loan instalments, shocked farmers approached the bank.

However, the cases have been booked on the farmers as the account was in their name. With their statements, the manager has filed a complaint with the Gundibande police. Rajashekharachari has been arrested for illegal work. But the farmers have to climb the steps of the police station for no fault of theirs.

Thus people should be careful while signing any documents. Especially anything to do with a bank or legal matters, it is better to have someone who has knowledge in these matters than signing it without reading and understanding it.