A big gold loan fraud has been reported in Gwalior, Madhya Pradesh. The incident has been reported in Indian Overseas Bank in Gwalior. A woman allegedly cheated the Indian Overseas Bank (IOB) branch in DD Nagar, Gwalior, by pledging fake gold to secure a ₹2.14 lakh gold loan. Despite repeated testing and multiple checks, the fraud went unnoticed for years.
According to reports, the woman, Poonam Siroliya, wife of Yogesh Siroliya, and a resident of Maharajpura Deendayal Nagar, applied for a gold loan on September 30, 2020. The bank called its official jeweler, BP Jewellers, for testing the ornaments. Jeweler Somnath Soni examined the jewelry and confirmed it to be 22-carat hallmarked gold. Based on the report, the bank sanctioned a loan of ₹2,14,800 in her name.
However, after receiving the loan amount, Poonam did not pay even a single installment. Despite repeated notices and reminders from the bank, she continued to default. Growing suspicious, the bank decided to retest the pledged jewelry.
When the gold was re-examined, it was discovered that the ornaments were fake — they were only coated with a thick 22-carat gold layer, while the actual metal underneath was below 16 carats. This meant the jewelry was of much lower value than declared during the loan approval.
The then-branch manager filed a fraud complaint at the Maharajpura police station, but the police allegedly did not take any action. Left with no option, the bank approached the court, demanding registration of a formal case.
After nearly five years of hearings, the court finally ordered the police to register an FIR against Poonam Siroliya, BP Jewellers, and the bank official involved in approving the loan.
Following the court’s direction, Maharajpura police registered the FIR under relevant sections of fraud and criminal conspiracy. Sub-Inspector Rajiv Singh Solanki has been assigned to investigate the case. He confirmed that a detailed investigation is underway to determine the roles of all accused individuals in the gold loan fraud.
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