Fake Gold Loan Scam at Bank of Baroda Samastipur Bihar: A shocking case of fraud has been uncovered at the Bank of Baroda’s Gola Road Branch in Samastipur, Bihar. The bank had issued loans worth Rs. 1.5 crore to 72 individuals, using fake gold as collateral. The fraud went undetected for a long time, but it was discovered during a routine audit when the review committee examined the pledged gold.
Upon inspection, it was revealed that the gold, valued at Rs. 1.5 crore, was entirely fake. The bank’s Assistant General Manager, Rajiv Kumar Chaudhary, filed a primary complaint with the city police station, and an FIR was lodged against the 72 borrowers, including Amarjeet Shah. A team of senior Bank of Baroda officials has arrived to investigate the matter, and they are questioning employees who approved loans based on the fake gold.
According to Assistant Superintendent of Police (ASP) Sanjay Pandey, a formal complaint has been received regarding the fraudulent loans. The accused 72 individuals are alleged to have secured loans by pledging fake gold. The police have registered an FIR and are currently interrogating the borrowers and bank employees. ASP Pandey emphasized that the investigation will continue, and the truth will emerge after thorough examination.
Under the bank’s Gold Loan Scheme, borrowers are typically granted loans worth 75% of the value of the gold they pledge. The bank had appointed a gold trader, Amarjeet Shah from Shambhu Patti in Samastipur, to assess the gold. It is alleged that Shah, in collusion with the borrowers, falsely reported the fake gold as real, enabling them to secure the loans. Most of the loans were between Rs. 1 lakh and Rs. 2 lakh.
Bank of Baroda officials revealed that the gold pledged by borrowers in the financial year 2022-2023 was inspected by an officer from another branch. During the investigation, it was discovered that the gold of 10 borrowers was fake. Further examination of all the gold pledged during the same period revealed that the gold of 72 individuals was counterfeit. This discovery left the bank officials in shock. Based on this internal report, the Assistant General Manager promptly filed an FIR, leading to the ongoing investigation.
