A big Gold Loan Scam has been discovered at Punjab National Bank branch in Jabalpur, Madhya Pradesh. The scam took place at the Cantt branch of Punjab National Bank (PNB) in Jabalpur.
As per reports, the scam was executed by a gold valuer and the total value is expected to be around Rs 4.3 million.
The gold loan was sanctioned against fake gold. Based on a complaint from the bank manager, the police have registered an FIR against 15 people, including two valuers.
When a customer approached Bank for Gold Loan, Bank calls a gold appraiser who check the purity of gold. On the basis of this appraisal certificate, banks sanction loans to customers. In most of the gold loan scams, the gold appraisers hide the purity from banks. In scam cases, the fake gold is shown as pure gold and loan is sanctioned against that loan.
Cantt Police Station in-charge Pushpendra Patle said that the entire scam occurred between December 2023 and October 2024. When customers failed to pay their EMIs, the bank issued them notices.
The gold was re-examined and it was found that the gold was all fake.The bank manager lodged a written complaint at the Cantt police station in February 2026, following which an FIR has now been registered.
Cantt Police Station in-charge Pushpendra Patle said that the preliminary investigation has been completed based on the bank manager’s complaint. An FIR has been registered against all 15 accused, and police teams are searching for them. More details will be released soon.
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