Gurugram, Feb. 1 -- A Gurugram based catering businessman managed to fool a private bank to issue Rs.8-lakh worth loans against fake jewellery, said police on Sunday.

Police suspect the man bought the cooperation of the jeweller that the bank relied on for ascertaining purity of gold. Both suspects - catering businessman Shashi Kumar and an unnamed city jeweller - were on the run, said police.

Police said Kumar, a resident of Bhiwani, approached the Sohna Road branch of IDBI Bank in March last year for a gold loan. Later, in the second week of January this year, Kumar attempted to get another Rs.2-lakh loan from the same bank's Manesar branch. Each branch had its own jeweller and this time, the Manesar branch's authorised jeweller found t...