Gadag: A group of scammers allegedly obtained loan of Rs. 3.1 Crore from two banks in the District by pledging counterfeit gold ornaments, informed the Police.

The Police said that to obtain a loan of Rs. 1.43 Crore from IDBI Bank, the accused pledged 4,870 gm of fake gold.

In the second case, they pledged 4,983 gm of counterfeit gold ornaments to take loan of Rs 1.58 Crore from Union Bank, the police said.