The group mortgaged fake gold jewellery made by one of the accused and cheated the institutions of Rs 13.45 lakh.
When the cops raided his Ratnagiri workshop, they found 551 gram gold and Rs 1.50 lakh cash.
A gang of four that duped six financial institutions in Mumbai, Thane and Ratnagiri with gold loans has been busted.
When she got the jewellery checked from a gold jeweler she learned it was gold plated silver and lodged a police complaint.
"They mortgaged more than 688 gram of fake gold jewellery claiming it to be 23 carat gold, and got loan of Rs 13.45 lakh from all these institutions and people," said Bagde.
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