The Economic Offences Wing (EOW) of the Delhi Police has arrested a man in connection with a Rs 3.81-crore gold loan fraud involving counterfeit gold ornaments, forged documents, and fake identities used to secure loans from a non-banking financial company (NBFC). The accused, identified as Pankaj Kumar, a gold appraiser at Sai Fincorp Pvt Ltd, was taken into custody following an investigation triggered by an internal audit.
Fraudulent Loan Accounts and Missing Gold
According to investigators, the accused created 683 fake gold loan accounts to defraud the finance company. The fraud came to light during the company’s internal audit, which revealed that nine packets of original gold ornaments worth approximately Rs 14,11,500 were missing. The audit further uncovered that 683 fraudulent gold loan accounts had been opened, against which loans amounting to about Rs 3,81,32,800 were disbursed between 2022 and 2025.
Sai Fincorp Pvt Ltd, an NBFC providing loans against pledged gold ornaments, alleged that its employees—Pankaj Kumar, Lady, and SP Bansal—entered into a criminal conspiracy and committed criminal breach of trust, cheating, and forgery by creating fake gold loan accounts using forged KYC documents, fake identities, and counterfeit gold ornaments.
Investigation and Arrest
The EOW registered a case and launched an investigation. During the probe, investigators found that the fake loan accounts had been created using forged KYC documents, fake identities, and fake or artificial gold ornaments. Based on the evidence collected, Kumar was arrested. During interrogation, Kumar disclosed the modus operandi used to create fake loan accounts and obtain loans using forged documents and counterfeit gold ornaments.
Deputy Commissioner of Police (EOW) Amit Verma stated, “During interrogation, Kumar disclosed the modus operandi used to create fake loan accounts and obtain loans using forged documents and counterfeit gold ornaments.” He added that a further investigation is in progress to identify the source of the fake gold ornaments, trace the proceeds of crime, recover case property, identify other persons involved, and collect additional documentary and electronic evidence.
Accused’s Background
Kumar, a resident of Budh Vihar, Rohini, had been working as a gold appraiser in Sai Fincorp Pvt Ltd since 2014. He is a graduate from the University of Delhi and had previously worked in the gold loan and finance sector. The police are continuing their investigation to uncover the full extent of the fraud and bring all those involved to justice.
