One Mr Rajesh who had taken a loan of over Rs 30, 000 from a cooperative bank in Akkayyapalem against collateral security of his gold ornaments in 2011 had a shock of his lifetime when he was returned counterfeit ornaments on repayment of the loan.
That he has been tricked by the cooperative bank came to light only when he went for a fresh loan offering the bank the same ornaments as collateral.
The bank refused to give him loan saying the ornaments were counterfeit.
Outraged at the bank’s reaction, Rajesh has filed a complaint with the local police.
The story of the loanee being cheated by the cooperative bank is doing the rounds in Akkayyapalem.