Nagpur EOW Launches Probe Into Rs 23 Crore Fake Gold Mortgage Scam
The Economic Offence Wing (EOW) of the Nagpur city crime branch has initiated a comprehensive investigation into a significant financial fraud case, where a major private sector bank was allegedly defrauded of over Rs 23 crore. The scam involved the mortgaging of counterfeit gold ornaments across nine different branches of the bank in Nagpur, leading to substantial financial losses.
Complaint and FIR Details
The zonal head of the bank filed a formal complaint, prompting the registration of a First Information Report (FIR) on March 30. According to the police complaint, the fraudulent activities occurred between January 2023 and October 2025. During this period, the accused individuals, in collusion with others, systematically mortgaged fake gold ornaments at multiple bank branches to secure loans.
The complaint further alleges that the perpetrators used forged documents and manipulated valuation reports to obtain these loans against the counterfeit gold. In total, the fraud encompasses 159 fraudulent loan accounts, distributed across the nine affected branches, highlighting the scale and sophistication of the operation.
Key Accused and Investigation Progress
Police have identified Sachin Rout, an account holder of the bank, as the prime accused in the case. Other individuals named in the FIR include valuer Nandu Kharwade, first auditor Rajendra Shilankar, Pramod Tete, Dhananjay Dhomne, Pankaj Kekatpure, and several unidentified persons. The scam was uncovered during internal audits when discrepancies in gold quality and documentation were detected.
The complaint states that the accused breached the trust of the bank by presenting fake gold ornaments and forged papers, resulting in a huge financial loss. The FIR has been registered at the Dhantoli police station under multiple sections of the Indian Penal Code, including 420 (cheating), 406 (criminal breach of trust), 409 (criminal breach of trust by public servant or banker), 468 (forgery for cheating), 120-B (criminal conspiracy), and 34 (common intention).
EOW Takes Over for Thorough Probe
Senior police officers have confirmed that the case has been transferred to a special EOW team for an in-depth investigation. An official stated, "We are examining bank records, CCTV footage from branches, valuation reports, and transaction details. Raids are being planned to trace the accused and recover the money." As of now, no arrests have been made, but authorities are actively pursuing leads.
This incident marks the latest in a series of economic offences being probed by Nagpur police. With gold prices soaring in recent years, such scams have become increasingly sophisticated, often causing losses running into crores and posing significant challenges to financial institutions.
