The Beed Police have arrested Vilas Udavant, a goldsmith, for allegedly defrauding the Bank of Baroda by depositing fake gold and silver under a gold loan scheme. Udavant was traced and apprehended in Pune, where he was operating under a new identity.
Udavant, who ran Vilas Jewellers in Beed, reportedly created 16 fake customer profiles and used counterfeit gold to secure loans from the bank. As a certified gold tester, he could authenticate the fake gold himself, deceiving the bank into believing it was genuine. He also misled investors by showing inflated gold quantities to gain their trust.
In just two months, Udavant accumulated Rs 2.5 crore, sold his Beed property, and fled. The Beed City Police registered a case and launched an intensive search, eventually tracking him to Dehu village, Pune, where he had set up a new shop called Venkatesh Jewellers. Authorities seized 18 kg of gold and silver during the arrest.
