Home English Maharashtra property developer wanted in 2016 gold loan scam arrested

Maharashtra property developer wanted in 2016 gold loan scam arrested

by Eha

Palgarh: The Mokhada police in the Palghar district of Maharashtra have arrested a property developer for his alleged involvement in Rs 2-crore fake gold loan scam. The accused developer, identified as Hemant Udawant, allegedly opened multiple accounts in Thane district cooperative bank in the name of his family members, wife, driver, relatives and employees. In connivance with the bank manager, the gold valuer of the bank and other staffers borrowed loans to the tune of over Rs 2 crore mortgaging fake gold jewellery around 5.6 kilograms, the police said.

The fake jewellery was allegedly certified as pure gold jewellery by the gold valuer of the bank and the manager processed the loans applied by Udawant, his relatives and staffers on multiple occasions. When the scam came to light in 2016 through a whistleblower, police made various arrests including the bank manager, security staff of the bank, and the valuer, but main accused Udawant and his wife managed to flee. Earlier this week, Mokhada police received a tip-off about Udawant’s trip to his village in Mokhada, and a trap was laid. When Udawant reached his village with his wife, he was apprehended by police officials.

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