India, Sept. 1 -- Nine years after a bank realised fake gold ornaments were used as collateral to secure loans, the Mira-Bhayandar-Vasai-Virar (MBVV) police arrested the absconding borrower on Saturday. The bank manager is also suspected of being involved in the fraud, said a crime branch officer.

In 2012, the accused, Gopal Radheshyam Nag, 42, had taken a loan of Rs.76 lakh by pledging some gold ornaments. The complainant, a bank employee, said that the manager checked the gold and sanctioned the loan on December 15, 2012. However, from June 14, 2016, when the EMIs bounced, the bank tried to sell the collateral and discovered the ornaments were imitation jewellery, said the complainant. The accused began absconding and assumed a differe...