Maharashtra Jeweller Held For ₹2.5 Crore Fake Gold Loan Scam; Accused Supplied Counterfeit Ornaments To Customers Seeking Bank Loans

Beed: Police have arrested a jeweller hailing from Beed city in Maharashtra for allegedly defrauding at least 16 customers to the tune of Rs 2.5 crore by supplying fake gold to them on the basis of which they sought loan from a bank, officials said on Friday.

Accused Vilas Udawant, a resident of Pandit Nagar area in Beed, was picked up from his newly-opened jewellery shop in Dehugaon area located near Pune city on Thursday, they said, adding that 18 kilograms of silver was seized from there.

Udawant, who earlier operated a shop in Beed, had devised a scheme to quickly get rich, an official said.

"He made fake gold ornaments for customers seeking bank loans and forwarded their loan applications to a a local branch of a prominent public sector bank. At least 16 fake gold loans were allegedly passed using this modus operandi," he said.

Police estimate that he collected around Rs 2.5 crore in two months through this method before selling his properties in Beed and fleeing the city.

"The breakthrough came when an informer alerted the police about Udawant's presence in Pune. Acting on a tip-off, a team from Beed police conducted a search at his new shop and arrested him. The team recovered 18 kg of silver from the premises," he said.

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