A jeweller from Maharashtra`s Beed district was arrested for allegedly defrauding at least 16 customers of Rs 2.5 crore by providing fake gold ornaments that were used to secure loans from a bank, said on Friday, reported the PTI.
The accused identified as Vilas Udawant, a resident of Pandit Nagar in Beed, was arrested from his newly opened jewellery shop in Dehugaon near Pune on Thursday.
During the raid, police also seized 18 kilograms of silver from the premises.
According to officials, Udawant previously ran a jewellery shop in Beed and had allegedly devised a fraudulent scheme to get rich quickly.
“He prepared fake gold ornaments for customers applying for bank loans and forwarded their loan applications to a local branch of a major public sector bank. At least 16 fake gold loans were sanctioned using this method,” an officer said, as per the PTI.
Police estimate that Udawant amassed nearly Rs 2.5 crore within two months, after which he sold his properties in Beed and fled the city.
The case took a turn when an informer tipped off Beed police about his presence in Pune. Acting on the information, a police team conducted a raid at his new shop, arrested the accused, and confiscated 18 kg of silver, the news agency reported.
Police are now investigating the involvement of any bank officials and accomplices in the scam.
Meanwhile, in an another incident, the Thane Police have registered a case against three persons for allegedly cheating six cloth merchants of goods valued at Rs 2.5 crore, officials said on Thursday, reported the PTI.
The accused placed large cloth orders with the victims, all from Bhiwandi in Maharashtra`s Thane district, between July and August, they said, adding that After the receipt of the consignment, the accused failed to make payments and later went out of contact.
A 66-year-old cloth merchant, who is one of the victims, filed a police complaint after losing a substantial amount.
Based on the complaint, the police registered an FIR on November 3 against three persons — one from neighbouring Palghar district and two from Surat in Gujarat — under Bharatiya Nyaya Sanhita sections 318 (4) (cheating) and 3(5) (common intention), Bhiwandi`s senior police inspector Janardhan Sonawane said, the news agency reported.
(with PTI inputs)