The Economic Offences Wing (EOW) has widened its investigation into the multi-crore fake gold loan fraud linked to ICICI Bank and is examining the role of nearly 10 former branch managers who allegedly approved loans against counterfeit jewellery.
Investigators believe the Rs 23 crore scam was not confined to a single branch and may have involved multiple officials across several locations. Inputs from the bank’s internal review and the EOW probe have indicated possible procedural lapses and irregularities in the sanctioning of gold loans over a prolonged period.
The agency suspects that former branch manager Pankaj Kekatpure, who has already been arrested, played a key role in executing the fraud. However, officials maintain that the operation could not have continued for years without the support, negligence or failure of other officials responsible for clearing the loan applications.
The fraud surfaced after a routine audit at ICICI Bank’s Manish Nagar branch detected fake gold ornaments among jewellery pledged for loans. This prompted a wider examination of gold loan portfolios across nine branches, where auditors allegedly identified 159 accounts linked to counterfeit gold pledged between January 2023 and October 2025.
During the investigation, EOW officials discovered the involvement of an intermediary who allegedly supplied customers carrying fake jewellery to different branches. The individuals, many of them from economically weaker backgrounds, were reportedly used to obtain loans after the ornaments were certified as genuine by authorised valuers.
Investigators are also looking into whether pressure to meet gold loan business targets influenced decision-making at branch level. According to officials, the intermediary had become well known among certain bank employees and was allegedly contacted whenever branches required additional customers to achieve lending targets.
“Some managers used to approach him when they were short of their targets. He would arrange customers with fake ornaments, the loans would be sanctioned and the targets would be met,” an EOW official said.
Police suspect that this practice continued for a considerable period across multiple branches, allowing the fraud to remain undetected despite repeated transactions involving counterfeit jewellery.
The agency is awaiting the final findings of ICICI Bank’s internal investigation, which is expected to determine the responsibility of branch managers and other employees involved in processing the disputed loans. Based on the report, more officials could face criminal action.
Investigators are also examining whether senior bank functionaries ignored warning signs or failed to intervene despite noticing irregularities in the gold loan portfolio.
So far, the EOW has arrested four people in the case, including former branch manager Pankaj Kekatpure, bank-appointed gold valuer Nandu Kharwade and auditors Rajendra Shilankar and Pramod Tete. The role of several account holders and other suspects is still under investigation.
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