India, Aug. 12 -- Police have arrested a 38-year-old man who allegedly posed as the owner of realty firm Pragati Buildcon and cheated a Chandan Nagar jeweller of Rs.14.78 lakh by taking 100 grams of gold bars on the pretext of purchasing them, police said on Wednesday.

The accused has been identified as Siddharth Devdas Zende of Indapur. Police arrested him from a five-star hotel in Chandrapur. The incident took place on August 3 and 4 at a jewellery shop in Chandan Nagar.

According to the police, Zende and a woman visited the jewellery shop on Old Mundhwa Road near Dwarkagarden in Chandan Nagar and after allegedly gaining the jeweller's confidence obtained three gold biscuits weighing 100 grams in total, valued at Rs.14,78,760.

Zende ...