JABALPUR: Police have registered a case against 15 people, including two authorised gold valuers, in connection with an alleged Rs 43 lakh gold loan fraud at a Punjab National Bank branch in Jabalpur.
Investigators said counterfeit gold ornaments were certified as genuine and pledged as collateral to obtain multiple gold loans from the bank.
The alleged fraud took place between December 2023 and October 2024. Under banking procedures, gold submitted for loans is assessed by authorised valuers before financing is approved.
The scam came to light after several borrowers stopped repaying their loans. When notices issued by the bank failed to elicit a response, officials ordered a fresh examination of the pledged jewellery kept in the bank’s locker. The inspection revealed that the ornaments were fake.
Following a complaint by the bank, police launched an investigation and found evidence of an alleged conspiracy involving valuers and borrowers. An FIR has been registered and efforts are underway to trace and arrest those involved. Police said further investigation is in progress.
