Bengaluru: Be extremely careful before pledging your gold ornaments to companies that claim to offer interest-free loans. Many people have been cheated — believing such offers, they pledged their jewelry, only to find that both their gold and the lenders had vanished.Also Read: Ticket Price Restriction: Supreme Court Gives Big Relief to Multiplexes!

A major fraud has come to light involving a company named Emirate, which offered loans without interest for 11 months. The company used to lend 50% to 60% of the gold’s value, claiming no interest would be charged for nearly a year.Also Read: Another man caught making obscene videos like Renukaswamy — what happened next?!

However, during those 11 months, customers were not allowed to redeem their pledged gold under any circumstances. Believing the “no-interest” promise, many pledged their jewelry — but now they are in shock.

The fraud occurred in the Vidyaranayapura police station limits of Bengaluru.

When customers returned after 11 months to retrieve their gold, they discovered that the company and its owners had disappeared with the jewelry. A complaint was filed with the CCB (Central Crime Branch) police, who investigated and arrested two suspects — Salaam and Ajith — from the CCB Economic Offences Wing.Also Read: Indecent behaviour in front of a woman out on a walk?! Here’s what happened.

The accused are alleged to have cheated several people not only in Bengaluru but also in Kerala and Mangaluru in the same manner. The police seized 1.8 crore rupees worth of gold jewelry (1 kg 450 grams), 5 kg of silver, and a gold melting machine from the accused. Both have now been sent to jail by the CCB police.SGF11 Women's Kanjivaram Pure Soft Silk Saree With Unstitched Blouse Piece