Thane, Nov 24 : A Dombivli builder, who was arrested by police and lodged in the lock-up, escaped on Sunday morning, sources said.
Dombivli police had arrested Jagdish Wagh for allegedly cheating CKP Bank of around Rs 7 crores, by selling two flats and one plot mortgaged with the bank.
In February, the bank officials filed a complaint with the police against the accused that in 2012 he took a loan of Rs 7 crore against two flats and a plot. But he paid installments on the loan only for a few years. When the bank tried to seal the flats on non-payment it learnt that he had already sold them to someone else.
While the original documents were deposited with the bank he prepared fake documents to sell the flats which were deposited with the other banks including his relatives to obtain a loan on them.
The police are also investigating if any of the bank staff is involved in the multi-crore fraud.
The Thane city Police PRO Sukhada Narkar is still confirming the incident while the incident has gone viral in the social media and none of the other senior police officers are available for comments. (UNI)