Akola police have uncovered a fraud scheme involving fake gold mortgages used to secure loans from finance companies. The Khadan police have arrested three suspects, while the alleged mastermind remains on the run. Authorities have also seized assets worth ₹2.37 lakh.
The scam was exposed at Muthoot Finance’s Vidyanagar branch when three individuals—Ashutosh Paraskar, Yash Uike, and Chetan Avatade—attempted to pledge counterfeit gold for a loan. Suspicious officials detected the fraud during verification and immediately informed the police, leading to the trio’s arrest.
Investigations pointed to Rohit Ashok Gogte as the key planner behind the operation. He had previously taken loans from the same company using fake gold, and police suspect he may have cheated other financial institutions as well. A special team has been deployed to trace Gogte, and authorities are probing whether more individuals were involved in the scheme, said Inspector Manoj Kedare.