India, Nov. 7 -- The Maharashtra Police on Thursday arrested a jeweller near Pune for allegedly defrauding at least 16 customers to the tune of Rs.2.5 crore through a gold loan scheme by supplying fake gold to them.

The accused, identified as Vilas Udawant, a resident of Pandit Nagar area in Beed district, duped over a dozen customers by selling fake gold on the basis of which they sought loan from a bank, news agency PTI reported quoting police officials.

After defrauding the people, Udawant had fled to Dehugaon area located near Pune city, where he opened a jewellery shop.

Days after realizing that Udawant was on the run, police was informed about his presence in Pune. Acting on the tip-off, a team from Beed police conducted a search...