Jeweller's Deceit: The Fake Gold Loan Scam

In Maharashtra, jeweller Vilas Udawant was arrested for allegedly defrauding 16 customers by supplying counterfeit gold for bank loans. He reportedly amassed Rs 2.5 crore in this scheme before fleeing. Police recovered 18 kg of silver from his new shop near Pune, leading to his arrest.

Authorities have nabbed a jeweller from Maharashtra's Beed city for reportedly cheating 16 individuals by distributing fake gold used as collateral for bank loans. Identified as Vilas Udawant, the jeweller was detained from his recently inaugurated store in Dehugaon, securing 18 kilograms of silver during the operation.

The scam involved the creation of bogus gold ornaments for clients attempting to obtain bank loans, channeling their applications through a public sector bank's local branch. Through this deceit, at least 16 false gold loans were allegedly approved, amassing nearly Rs 2.5 crore in just two months.

The police crackdown followed a tip-off about Udawant's activities in Pune. Conducting a swift raid, Beed police apprehended him, thus preventing further fraudulent endeavors and shedding light on his alleged financial misdeeds.

(With inputs from agencies.)