On run for over four years, accused held in gold loan fraud

The police in Maharashtra'sPalghar district have arrested the main accused in the 2016gold loan fraud case, an official said on Wednesday.

Hemant Budhwant, who had been on the run for more thanfour years, was nabbed along with his wife from Mokhada in theearly hours of Monday, the official from Mokhada policestation said.

The police have so far arrested more than 20 personsin connection with the fraud that took place in the gold loandepartment of Thane District Central Cooperative Bank'sMokhada branch in 2016.

Polished gold was mortgaged for loans and thebeneficiaries were relatives of the main accused, he said.

The entire racket came to light when it was found that5.337 kg of gold worth Rs 2.75 crore had been mortgaged in anillegal manner, he said.

The accused also include bank staff and persons whoavailed the loan, the official added.