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

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Palghar, Feb 3 (PTI) The police in Maharashtra's Palghar district have arrested the main accused in the 2016 gold loan fraud case, an official said on Wednesday.

Hemant Budhwant, who had been on the run for more than four years, was nabbed along with his wife from Mokhada in the early hours of Monday, the official from Mokhada police station said.

The police have so far arrested more than 20 persons in connection with the fraud that took place in the gold loan department of Thane District Central Cooperative Bank's Mokhada branch in 2016.

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

The entire racket came to light when it was found that 5.337 kg of gold worth Rs 2.75 crore had been mortgaged in an illegal manner, he said.

The accused also include bank staff and persons who availed the loan, the official added. PTI COR ARU ARU