Gold Loan Fraud Exposed in Rajkot Village, Rs 7.5 Lakh Sanctioned Against Counterfeit Jewellery
A significant financial fraud involving gold loans has been uncovered in Nagar Pipaliya village, located on the outskirts of Rajkot. Authorities have revealed that loans amounting to Rs 7.5 lakh were sanctioned by a bank against counterfeit gold jewellery, leading to a formal police complaint and an ongoing investigation.
Police Complaint and FIR Details
According to official reports, the branch manager of the bank filed a complaint at the Metoda GIDC police station in Rajkot Rural. The complaint names borrower Dilipsinh Parmar and the bank's appointed valuer, Nilesh Marviya, as the primary accused in this case. An FIR has been registered under multiple sections of the law, including 318(4), 336(2), 338, 340(2), and 54. Police teams are actively working to trace and apprehend the individuals involved.
Sequence of the Fraudulent Transactions
The fraudulent activities began on September 2, 2025, when the accused applied for a gold loan. The jewellery submitted as collateral was examined by the valuer, who certified it as genuine 22-karat gold. Based on this valuation report, the bank sanctioned a loan of Rs 4.5 lakh. Subsequently, on September 22, 2025, a second loan of Rs 3 lakh was approved against another gold item, bringing the total sanctioned amount to Rs 7.5 lakh.
Discovery of the Fraud and Investigation Findings
The fraud was detected during a routine quarterly audit conducted on December 10, 2025. During this audit, the pledged jewellery was thoroughly inspected and found to be fake. Officials confirmed that the hallmark stamps on the items were counterfeit, indicating a deliberate attempt to deceive the bank.
During preliminary questioning by the police, both the borrower and the valuer failed to provide satisfactory explanations regarding the discrepancies. Investigators suspect a well-planned conspiracy, alleging that fake jewellery was intentionally pledged and a false valuation report was prepared to facilitate the illegal loan approvals.
Police are now intensifying their efforts to uncover the full extent of the fraud and ensure that all those responsible are brought to justice.
