Rs 23 Crore Fake Gold Loan Scam: 10 Former ICICI Bank Branch Managers Under EOW Investigation
Nagpur, Maharashtra: The Economic Offences Wing (EOW) has expanded its investigation into the ₹23 crore fake gold loan scam involving ICICI Bank. Around 10 former branch managers are now under investigation for their suspected role in approving fake gold loan applications.
According to investigators, both the EOW investigation and ICICI Bank’s internal inquiry suggest that the fraud was much larger than first believed. Officials suspect the scam continued for several years because some branch managers were either involved in the fraud or failed to follow proper verification procedures before approving loans.
Fake Gold Found During Bank Audit
The scam came to light during a routine audit at ICICI Bank’s Manish Nagar branch. During the audit, bank officials found that several gold ornaments kept as loan security were actually fake.
After this discovery, the bank conducted audits at nine ICICI Bank branches. The audit found 159 gold loan accounts in which fake gold was allegedly pledged as collateral between January 2023 and October 2025.
How the Fraud Was Carried Out
According to investigators, one of the main accused worked as a “helper.” He allegedly brought people from economically weaker sections to different bank branches with fake gold ornaments.
After the bank’s gold valuers certified the ornaments as genuine, the bank approved and disbursed the gold loans. Investigators believe this method was used repeatedly across several branches.
Loan Targets Under Investigation
The EOW is also investigating whether pressure to meet gold loan business targets played a role in the scam.
Officials said that some branch managers allegedly contacted the accused helper whenever they needed more customers to achieve their loan targets. The helper would then arrange borrowers carrying fake gold ornaments. This allowed the loans to be processed and helped the branches meet their business targets.
Police believe this practice continued for a long time across multiple branches, allowing the fraud to go unnoticed.
More Action May Follow
The EOW is waiting for ICICI Bank’s final internal inquiry report. The report is expected to identify the role of each branch manager and other bank officials involved in processing the disputed gold loan accounts.
Officials said that more branch managers and bank employees may face criminal action after the report is submitted. Investigators are also checking whether senior bank officials ignored warning signs or failed to act even after noticing irregularities.
