Udupi : The district police have arrested two persons for allegedly cheating the Innanje Cooperative Agricultural Bank to pledging fake gold jewellery worth Rs 65 lakhs at Innanje village in Udupi district on Sunday.

It may recalled that Shankar Acharya (50), his wife Nirmala Acharya (45), their daughters, Shruthi Acharya (24), an MBA graduate, and Shreya Acharya (21), an MCA student, had allegedly committed suicide in their house in Padubelle on the morning of July 13. Shankar Acharya owned a jewellery shop in Padubelle.

K.T. Balakrishna, Superintendent of Police, told that the police had arrested two persons – Umesh Amin, Manager of the Bank, and Umesh Acharya, gold ornaments appraiser of the bank – for colluding with Shankar Acharya and cheating the bank.

Shankar Acharya had deposited 2.7 kilograms gold ornaments with the bank in 92 transactions, and had taken loans to the tune of Rs. 64 lakh on these ornaments.

On examination, the bank found that except for 150 grams of gold, the rest were silver ornaments for which gold plating had been given.

Shankar Acharya got information about this on the afternoon of July 12. “Hence, the fear that this scam would get exposed might have prompted him to take the extreme step of suicide on the morning of July 13. But this would have to be established by investigations. Whether he poisoned his family members or it was a joint action too needed to be investigated,” Mr. Balakrishna said.

A case has been registered against Amin and Umesh Acharya based on a complaint given by the managing director of the bank.

Based on the complaint, both were arrested and produced before the court here, which remanded both in judicial custody for 14 days, Mr. Balakrishna said.

Under the guidance of Kaup circle inspector Moorthy Rao , Shirva station officer Narasimha Shetty is investigating the case. Police personnel Dayanand, Damodar Acharya and Narayana are helping in the case.