Rs 23 crore gold loan scam rocks ICICI Bank in Nagpur

Nagpur: In a massive financial fraud that has shaken the banking sector, a well-orchestrated gold loan scam worth over Rs 23 crore has surfaced at ICICI Bank in Nagpur, exposing glaring lapses and alleged collusion between bank officials, valuers, auditors and scores of borrowers. The scam, which went undetected for nearly three years, involved pledging fake gold ornaments to siphon off huge loans from the bank.

The fraud came to light during a routine audit but quickly snowballed into a full-blown scandal spanning nine branches and 159 loan accounts, raising serious questions about internal checks and the integrity of those entrusted with safeguarding financial transactions.

According to police, the complaint was lodged by Dhananjay Ramesh Thite (49), Zonal Head at the ICICI Bank Zonal Office located at Ajni Square on Wardha Road. ICICI Bank provides loans to customers against pledged gold ornaments, which are supposed to be verified for purity and weight by authorised valuers before any loan is sanctioned.

However, the system meant to ensure transparency allegedly became the very tool used to perpetrate the fraud. The scam first surfaced during a ‘Gold Loan Audit’ at the bank’s Manish Nagar branch, where officials were stunned to discover that several pledged ornaments were not genuine but counterfeit. Alarmed by the discovery, the bank ordered a comprehensive audit across multiple branches, which uncovered the shocking scale of the fraud.

The investigation revealed that 159 account holders from nine branches had secured loans by pledging fake gold ornaments, causing a staggering loss to the bank. Police said the fraudulent transactions were carried out systematically between January 2023 and October 2025, indicating a prolonged and carefully executed conspiracy.

Further probe pointed to the alleged involvement of insiders and professional valuers, turning the scam into a serious case of institutional betrayal. Those named in the case include account holder Sachin Raut, valuer Nandu Kharwade, auditors Rajendra Shilankar, Pramod Tete, Dhananjay Dhomne, and Branch Manager Pankaj Kekatpure. In addition, around 152 other account holders are suspected to have participated in the fraudulent scheme.

Investigators believe the accused colluded to falsely certify counterfeit ornaments as genuine gold, thereby facilitating the approval of large loans that would otherwise never have been sanctioned. The case has exposed deep cracks in the bank’s verification and auditing mechanisms, as those responsible for scrutiny allegedly became part of the conspiracy.

Following the complaint, Dhantoli Police have registered an offence against the accused under multiple sections of the Indian Penal Code, including Section 406 (criminal breach of trust), Section 409 (criminal breach of trust by banker), Section 420 (cheating), Section 468 (forgery for the purpose of cheating), Section 120(B) (criminal conspiracy), and Section 34 (common intention).

Police officials said the investigation is underway to unravel the full scale of the scam, trace the financial trail, and determine the exact role of each accused, as authorities move to bring those responsible for the massive fraud to justice.

The original article was published on %%sitedesc%%. Read more: %%permalink%%