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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Oracle lays off around 12,000 employees in India, another round likely within a month
New Delhi (PTI): US-based IT firm Oracle is believed to have laid off approximately 12,000 staff in India, with another round of layoffs expected within a month, impacted employees said on Tuesday.
Globally, the company has fired around 30,000 employees.
"In India, around 12,000 employees have been laid off. The company is planning another mass layoff within a month," said two people impacted by the retrenchment, including one from the company's human resource department.
The company has approximately 30,000 employees in India, including those affected by the layoffs.
Oracle declined to comment on the development.
Oracle, in an email sent to staff, said the employees were informed about certain organisational changes and "because of these changes, a decision has been taken to streamline the operations, and as a result, unfortunately, the position you currently hold will become redundant".
The company has offered 15 days' salary to each employee who has completed a year of service in India, in addition to one month of unpaid wages till termination date, leave encashment, gratuity based on eligibility and pay for a one-month notice period.
Oracle has also offered a two-month salary as a top-up.
However, the severance package is available for those who voluntarily and amicably resign from the company.
An ex-employee of Oracle, Merugu Sridhar, said that he was laid off in September for protesting against the 16-hour work shift that the company has in India.
"I contacted my friends and those who are in human resources. They shared that most of the Indians working in the US with the company have been impacted because the local laws there are very strict when it comes to the retrenchment of their citizens," Sridhar said.
