Panchkula, May 18 -- A local court has rejected the regular bail application of a jewellery shop owner who was booked in as many as 26 FIRs between 2022 and 2023 in connection with securing gold loans against fake jewellery.

In one of the FIRs, the accused, Deepak Bhola, aged 45, proprietor of a jewellery shop in Sector 9, is accused of supplying counterfeit gold to a co-accused, Neeru Kohli, who then allegedly pledged it with Bank of India to secure a loan of Rs.6 lakh.

Before approving the loan, the bank got the ornaments tested from Bhola, who was empanelled with the bank as a valuer. After he assessed the gold's value and issued a certificate, a loan was sanctioned.

Subsequent investigations revealed that another loan of Rs.3.92 la...