Jeweller held for duping customers of Rs 2.5 cr by selling fake gold to them for bank loan
Beed (PTI): Police have arrested a jeweller hailing from Beed city in Maharashtra for allegedly defrauding at least 16 customers to the tune of Rs 2.5 crore by supplying fake gold to them on the basis of which they sought loan from a bank, officials said on Friday.
Accused Vilas Udawant, a resident of Pandit Nagar area in Beed, was picked up from his newly-opened jewellery shop in Dehugaon area located near Pune city on Thursday, they said, adding that 18 kilograms of silver was seized from there.
Udawant, who earlier operated a shop in Beed, had devised a scheme to quickly get rich, an official said.
"He made fake gold ornaments for customers seeking bank loans and forwarded their loan applications to a a local branch of a prominent public sector bank. At least 16 fake gold loans were allegedly passed using this modus operandi," he said.
Police estimate that he collected around Rs 2.5 crore in two months through this method before selling his properties in Beed and fleeing the city.
"The breakthrough came when an informer alerted the police about Udawant's presence in Pune. Acting on a tip-off, a team from Beed police conducted a search at his new shop and arrested him. The team recovered 18 kg of silver from the premises," he said.
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Petrol, diesel price hike 'Modi's gift', country has come to 'tragic situation': Shivakumar
Bengaluru (PTI): Terming the petrol and diesel price hike as Prime Minister Narendra Modi's "gift", Karnataka Deputy Chief Minister D K Shivakumar on Friday said the country has come to a "tragic situation."
He also criticised the PM's call for fuel saving, postponement of gold purchases, among other measures to spend wisely.
Petrol and diesel prices were hiked by Rs 3 per litre each on Friday, the first rate increase in more than four years, amid mounting losses of fuel retailers due to surging global crude prices in the wake of the West Asia conflict.
The increase comes 16 days after Assembly elections concluded in Assam, Kerala, Tamil Nadu and West Bengal.
"Petrol and diesel price hike is Modi's gift. He has failed in international relationships. He has not maintained a good relationship with anyone in the neighbourhood. Now he is asking people of the country to limit the petrol use, not to purchase gold, minimise edible oil consumption. How can it be stopped or limited," Shivakumar asked.
Speaking to reporters here, he said, "It cannot be done. The country has come to a tragic situation. We have to save and protect this country."
People earn, and lead their lives accordingly. "No one can be controlled. It should be ensured that people lead their lives smoothly with whatever they have," he further said.
Emphasising that the Centre is trying to shield people from the adverse impact of the conflict in West Asia, PM Modi on Sunday called for judicious use of fuel, postponement of gold purchases and foreign travel, among other measures, to strengthen the economy.
Alleging Modi has failed in international relationships, the Deputy CM said, "He could not manage well, he could not help. That's the reason he has made a certain appeal to people, like he did during the Covid to light the lamp, ring the bell. It is not possible. How can I stop consumption of oil in my house? How can I stop using vehicle?"
"The Prime Minister might have reduced his security to two vehicles, fine. Let others do it across the country," he said, adding, "How can you say people should not travel outside? It is their pleasure their earnings. People travel with their earnings. It is very unfortunate (to ask people not to travel outside)."
Further noting that every woman wants to have at least a gold chain for their Mangalya or Mangalsutra, Shivakumar asked how they can be stopped from buying gold for a Mangalya chain. "It is not fair."
