Hey Guys, I came across an article in TOI which was published on 18th June, 2011 while I was going through the internet for information regarding Gold EFTs. It contained information regarding the Rs.1.25 crore gold loan scam in two HDFC Bank's branches located in Rajkot. It was believed the brains behind the scam approved loans of the customers upon mortgage of fake gold ornaments by them. The case has been registered under IPC sections 206, 420, 467, 468, 471 and 120B.

There have been many financial organisations that have been accused of being scamsters, however, all such accusations aren't true. Gold scams, such as the one HDFC has been pulled up for, keep surfacing, but most such news are rumours. For example, a few months ago, IIFL Gold Loans was accused of fraud - a charge that turned out to be completely untrue.

Let me know your thoughts on these so called scams.