Couple Accused of Defrauding People with Interest-Free Gold Loan Scam, Now Absconding

### Rapid Summary
– The Central Crime Branch (CCB), Bengaluru police, has registered a cheating case against a couple accused of duping customers via an interest-free gold loan scheme.- The accused couple, Salaam Manakat and his wife Zareena, allegedly fled with more than 5 kg of gold pledged by customers at their shop “Emirates Gold and Pawn Brokers” in M.S. Palya.
– Their scheme involved offering loans worth 60% of the value of pledged gold for periods ranging from 5 to 11 months, complete with receipts and invoices.
– cheating came to light when a customer cleared their loan online but couldn’t retrieve their gold as the shop was closed and the couple’s phones were switched off.
– Social activist Jabeer P.M., who introduced many customers to the scheme, filed a complaint after other affected individuals brought the issue to his notice. Authorities are now trying to locate the fugitives.

### Indian Opinion Analysis
This incident underscores vulnerabilities within informal financial schemes that promise lucrative terms like interest-free loans but lack regulatory transparency or oversight mechanisms often present in banking institutions. While innovative lending models can appeal to consumers who seek alternatives outside conventional banks, due diligence remains critical for borrowers pledging high-value assets such as gold.

for law enforcement agencies in India like Bengaluru’s CCB, cases such as these call attention to challenges in proactively monitoring fraudulent practices before significant damage occurs-particularly in urban economic hubs where such scams could easily proliferate among unassuming residents drawn by attractive terms.

Moreover, this case places focus on educating citizens about risks tied to private players offering unconventional financial services without adequate verification measures or guarantees regarding asset protection-an vital step toward safeguarding local communities from similar predicaments in future.

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