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The Beed Police have arrested a goldsmith who allegedly defrauded the Bank of Baroda by depositing fake gold and silver under a gold loan scheme. The accused, identified as Vilas Udavant, was traced and arrested from Pune, where he had been operating under a new identity.

Accused Created 16 Fake Customers To Dupe Bank

According to the Beed City Police, Udavant, who ran a jewellery shop named Vilas Jewellers in Beed, devised an elaborate plan to make quick money. He allegedly created 16 fake customer profiles and used counterfeit gold to obtain loans from the Bank of Baroda.

As a certified gold tester, Udavant was able to authenticate the fake gold himself, misleading the bank into believing it was genuine. He also duped common investors by displaying inflated quantities of gold to gain their trust. In just two months, he managed to accumulate Rs 2.5 crore, before selling his property in Beed and fleeing the city.

Arrest Made Through Mobile Tracking

A case was registered against Udavant at the Beed City Police Station, prompting an intensive search. Investigators later discovered that he had been running a new shop under the name Venkatesh Jewellers in Dehu village, Pune. Using his mobile phone location, the police tracked him down and made the arrest.

During the operation, authorities seized 18 kg of gold and silver from his possession.

Police Warn Against Similar Schemes

Police officials said Udavant misused the gold loan scheme for personal gain and also defrauded unsuspecting individuals. Citizens have been cautioned against falling prey to such fraudulent offers, while banks have been advised to ensure that gold appraisal and testing are conducted by authorised and verified personnel.