Nagpur EOW Arrests Two Auditors in Major Fake Gold Loan Scam
The Economic Offences Wing (EOW) of the Nagpur city police made significant headway in a high-profile financial fraud case on Thursday, arresting two auditors allegedly involved in a sophisticated scam. The investigation centers on fake gold ornaments being pledged to secure loans from multiple branches of ICICI Bank, resulting in substantial losses estimated at Rs 23.19 crore for the banking institution.
Details of the Arrested Accused
The individuals taken into custody have been identified as Pramod Tete, a resident of Lalganj, and Rajendra Shilankar, hailing from Pipla. Following their apprehension, both accused were promptly produced before a local court. The judicial authority subsequently remanded them to police custody for a period of three days to facilitate further interrogation and evidence collection.
Leading the investigative efforts is Assistant Police Inspector Santosh Tokalwad, who is meticulously examining the intricate details of the case to uncover the full extent of the fraudulent activities.
Unraveling of the Fraudulent Scheme
According to Deputy Commissioner of Police (EOW) Deepak Aggarwal, the elaborate scam was initially detected during an internal audit conducted by the bank. The formal complaint was lodged by Dhananjay Thite, the Zonal Head of ICICI Bank's Zonal Office located at Ajni Chowk, at the Dhantoli police station.
The bank had appointed Vicky Vishwakarma on October 18, 2025, to undertake a comprehensive audit of its gold loan portfolio. During the inspection process, several gold packets were discovered to contain counterfeit metal instead of genuine gold. This alarming finding prompted a more extensive examination.
Subsequent checks conducted from October 20 to 27, 2025, at the Manish Nagar branch alone revealed the presence of 32 fake gold packets. A thorough and wide-ranging audit across nine different branches of ICICI Bank ultimately identified a staggering total of 159 fake gold packets that had been fraudulently pledged.
Scope and Methodology of the Scam
As detailed in the official complaint, the fraudulent activities are believed to have spanned from January 1, 2023, to October 31, 2025. The accused individuals, allegedly acting in collusion with valuers or appraisers and 152 separate account holders, systematically created and pledged counterfeit gold ornaments to obtain unauthorized loans.
Police authorities have named seven specific valuers or appraisers as accused in the case, including Nandu Kharwade, Rajendra Shilankar, Pramod Tete, Dhanjay Dhomne, Pankaj Kekatpure, and Sachin Raut, along with the aforementioned 152 account holders who allegedly participated in the scheme.
Ongoing Investigation and Future Implications
Investigators are actively exploring the possibility of internal collusion within the bank's operations and are diligently probing for a potential larger "mastermind" believed to be orchestrating the entire racket from behind the scenes. The case highlights significant vulnerabilities in loan verification processes and underscores the need for enhanced due diligence in financial transactions involving high-value collateral.
The Nagpur EOW's swift action in arresting the two auditors represents a crucial step in dismantling this extensive fraudulent network and recovering the substantial financial losses incurred by ICICI Bank.
