The Central Crime Branch (CCB) of the Chennai City Police has arrested eight persons, including five bank-approved gold appraisers, for allegedly defrauding Canara Bank of ₹63.39 lakh by pledging fake gold ornaments to obtain loans.According to the police, the case was registered by the Bank Fraud Investigation Wing of the CCB based on a complaint filed by Deputy General Manager of Canara Bank’s Regional Office in Chennai. According to the complainant, several borrowers, in collusion with the bank’s empanelled gold appraisers at the Shenoy Nagar branch, had pledged counterfeit gold ornaments to secure loans and subsequently defaulted on repayment, causing a loss to the bank.An investigation revealed that the accused had allegedly conspired with bank personnel and gold appraisers to obtain 22 gold loans by presenting fake jewellery as genuine. The loans, totalling ₹63.39 lakh, were allegedly sanctioned on the basis of false valuations.As part of the investigation, the police arrested the first three accused — Bhoominathan, 44, his wife Reegambigai, 42, and Nagalakshmi, 44, all residents of Anna Nagar East — on June 29. The investigation subsequently led to the arrest of five Canara Bank-approved gold appraisers on Wednesday. They were identified as Senthilkumar, 46, of Kodungaiyur, Shanmugam, 46, of Choolaimedu, Chandrasekaran, 60, of Triplicane, Sankarapandian, 60 of Triplicane, and Sivakumar, 53, of Kolathur. They were produced before a court and remanded in judicial custody.The police said efforts are under way to trace the remaining accused, who are on the run. Published - July 04, 2026 06:48 pm IST