Four creditors appointed by the bank for gold loan evaluations, in collusion with 12 account holders of a nationalised bank, allegedly swindled R1.78 crore by mortgaging fake gold. The scheme involved submitting bogus gold as collateral, with the creditors falsely certifying it as genuine to approve loans. The Goregaon police have arrested one account holder so far. Police stated that many couples from the western suburbs are involved in the racket.

After a six-month search, the Goregaon police apprehended a prime suspect. The arrested accused has been identified as Narendra Yashwant Gosavi, who, in collaboration with four valuers appointed by the bank, obtained and provided gold loans 29 times to 11 other account holders, embezzling more than R1.78 crore from the bank.