A major gold loan fraud has surfaced at ICICI Bank in Nagpur, where fake gold ornaments were used to dupe the bank of over Rs 23 crore. What initially appeared to be a routine audit uncovered a well-planned scam involving bank officials, valuers, and as many as 159 account holders across nine branches.
According to police, the complaint was filed by Dhananjay Ramesh Thite (49), Zonal Head at the ICICI Bank Zonal Office at Ajni Square, Wardha Road. The bank offers loans against pledged gold, which is assessed for purity and weight by authorised valuers before approval, as per standard guidelines.
The fraud came to light during a routine gold loan audit at the Manish Nagar branch. Officials found that some pledged ornaments were counterfeit, triggering a detailed audit across multiple branches.
The expanded probe revealed that 159 account holders from nine branches had availed loans using fake gold. Investigators believe the scam was carried out over nearly three years, from January 2023 to October 2025.
Police said the fraud was not limited to customers alone but involved a larger conspiracy, with the alleged involvement of several individuals, including account holder Sachin Raut and valuer Nandu Kharwade.
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