Gold Scam AI
Key Figure in Rs 25-Crore Gold Loan Scam Arrested in Nagpur
Sachin Raut, the alleged mastermind behind a Rs 25-crore gold loan fraud, was apprehended by the Economic Offences Wing (EOW) of Nagpur police after being on the run for five months. His arrest on Friday brings the total number of individuals arrested in connection with the scam to seven, including bank officials and a valuer.
The scam came to light following a gold loan audit on October 18 of the previous year, which revealed discrepancies that prompted a formal complaint at the Dhantoli police station on March 30. Auditors identified irregularities in the purity and weight of gold ornaments pledged as collateral.
Investigators conducted house searches that yielded mobile phones, laptops, lists of fraudulent borrowers, vehicles, and bank transaction documents, further exposing the extent of the fraud. The list of fake borrowers obtained during the raids has provided clear leads for the ongoing investigation.
Police reports indicate that Raut initially secured a gold loan in his name in 2018-19, subsequently manipulating the system by using the names of laborers from his scrap business to fulfill loan targets. One of the valuers involved, who was responsible for multiple bank branches, generated 155 counterfeit valuation reports, earning Rs 5,000 for each.
Additionally, another accused facilitated 38 fraudulent loans under the names of friends and relatives. Allegations suggest that auditors were bribed to certify the fake ornaments as genuine gold after standard audits were conducted.
Authorities are currently verifying the roles of those arrested against bank records, audit reports, KYC documents, CCTV footage, call detail records (CDRs), and financial transactions.
Further action will follow if more roles surface. The investigation continues on documents, money trail and electronic evidence.