The Economic Offences Wing (EOW) of the Pune Police has launched an investigation against 13 individuals, including two gold evaluators from the Parvati branch of a public sector bank, for allegedly defrauding the bank of Rs 4.23 crore. The fraud occurred between May 2024 and May 2025, where the suspects mortgaged fake gold jewellery to secure loans.
Case Initiation and Investigation
Senior Inspector Deepali Bhujbal of the EOW confirmed that the probe was initiated following a complaint from bank officials. A formal First Information Report (FIR) has been registered at the Parvati police station based on a complaint lodged by a 43-year-old bank officer.
Bhujbal stated, "All 13 suspects are currently on the run, and we are actively searching for them."
Details of the Fraud
According to police, the suspects approached the bank in May 2024 and collectively secured loans worth Rs 4.23 crore by mortgaging gold jewellery. Each suspect obtained loans ranging from Rs 15 lakh to Rs 50 lakh. The bank accepted the gold as genuine after its evaluators certified the quality of the jewellery.
"The evaluators certified the genuineness of the gold, and therefore we have also registered a case against them. Their role will be examined," Bhujbal added.
However, the suspects neither paid the Equated Monthly Installments (EMIs) nor returned to reclaim the jewellery. Suspicious of foul play, the bank commissioned an audit of the pledged jewellery and hired another gold evaluator, who confirmed that the jewellery was fake.
The EOW is now investigating the entire chain of events, including the involvement of the gold evaluators and the bank's internal processes that allowed the fraud to occur.
