A significant fraud has been uncovered at a nationalised bank in Jabalpur, Madhya Pradesh, where gold pledged as security for loans turned out to be counterfeit. The Punjab National Bank (PNB) Sadar branch suffered a loss of approximately Rs 43 lakh due to the scam. Police have registered a case against 15 individuals, including two empanelled gold valuers, after the fraud was detected during a revaluation of pledged ornaments.
Details of the Fraud
According to police officials, the scam came to light when branch managers noticed irregularities in several gold loan accounts and ordered a fresh valuation of the jewellery kept as collateral. During the revaluation, gold ornaments submitted by 12 borrowers were found to be fake. The city superintendent of police (CSP) Cantonment, Uday Singh Bagri, stated that the purity of the gold was initially certified by two panel valuers associated with the bank.
Financial Impact
The accused borrowers allegedly secured loans totalling Rs 38.81 lakh by pledging fake ornaments. With accrued interest, the outstanding amount now stands at Rs 43.17 lakh. Bank officials have seized all relevant records pertaining to the matter.
Legal Action
All accused, including the two valuers who initially certified the fake jewellery, have been booked under sections of the Bharatiya Nyaya Sanhita (BNS) related to criminal conspiracy, cheating, and fraud. Police are conducting further investigations to determine the full extent of the scam and any additional involvement.
Broader Implications
This incident highlights vulnerabilities in the gold loan process at banks, where reliance on empanelled valuers without robust verification mechanisms can lead to significant financial losses. Experts suggest that banks should adopt advanced testing methods and periodic revaluation to prevent such frauds.
