After nearly a decade on the run, Gopal Radheshyam Nag, 42, was arrested by the Mira-Bhayandar-Vasai-Virar (MBVV) police on Saturday for allegedly securing a Rs76 lakh loan using imitation gold as collateral. The scam, first discovered in 2016, had forced the bank into legal action after EMIs on the loan bounced.
The incident dates back to December 15, 2012, when Nag pledged gold ornaments to secure the loan. The ornaments were verified and accepted by a bank manager, who is now suspected to have been complicit in the fraud.
When the loan repayments stopped in June 2016, the bank attempted to auction the pledged gold, only to discover the ornaments were fake. The fraud triggered a criminal investigation and Nag immediately went absconding, later changing his name to Gopal Radheshyam Chaurasia and relocating to Nalasopara, where he worked in the construction supply business.
The Economic Offences Wing (EOW) of MBVV police had registered a case in 2016 under sections including 408, 420, 467, 468, and 120-B of the IPC, targeting both Nag and the involved bank manager for criminal conspiracy, forgery, and breach of trust.
Using technical surveillance and confidential intelligence, police traced Nag to his new address and arrested him on Saturday. He has been handed over to the EOW for further investigation.
Authorities are now scrutinizing the role of the bank manager, who approved the loan despite the forged collateral.
