Major Breakthrough in Jhunjhunu PNB Fake Gold Loan Scam: Six More Arrested
Police in Jhunjhunu district have achieved a significant breakthrough in a high-profile fake gold loan and gold theft case at the Punjab National Bank branch in Nawalgarh. On Thursday, authorities arrested six more accused individuals, substantially expanding the scope of the investigation.
Escalating Arrests and Recovered Assets
With these latest apprehensions, the total number of arrests in this elaborate financial fraud has now risen to eight. The initial arrests included the former bank manager, Amit Jangid, and his accomplice, Santosh Saini, who served as an ad hoc member business correspondent at the same bank.
Police have successfully recovered 1.555 kilograms of gold jewellery from the accused, with an estimated market value of approximately Rs 2.32 crore. This recovery represents a crucial step in mitigating the financial damage caused by the fraudulent scheme.
Detailed Investigation Reveals Systematic Fraud
Investigations have uncovered a meticulously planned operation where the then branch manager, Amit Jangid, embezzled an astonishing Rs 8.78 crore. He accomplished this by opening 214 fake gold loan accounts within the bank's system.
Jangid colluded with Santosh Saini, who operated as an ad hoc member business correspondent for the bank. Together, they sanctioned gold loans through these fabricated accounts, systematically diverting funds for personal gain.
Modus Operandi: Gold Substitution and OTP Fraud
SP Brijesh Jyoti Upadhyay provided detailed insights into the accused's methods. The investigation revealed that the perpetrators had replaced genuine gold jewellery from the bank's strong room with counterfeit items. This physical substitution allowed them to maintain the appearance of legitimate collateral while secretly removing valuable assets.
Furthermore, the accused withdrew loan amounts by obtaining One-Time Passwords (OTPs) from account holders through deceptive means. This dual approach of physical gold replacement and digital authorization fraud enabled the large-scale embezzlement.
Reward and Apprehension of Key Accused
Authorities had earlier announced a reward of Rs 20,000 for information leading to the arrest of Amit Jangid. This incentive proved effective, as Jangid has since been apprehended along with his primary accomplice, Santosh Saini. Their capture marked the initial phase of dismantling this criminal network.
Newly Arrested Suspects Identified
The six individuals arrested in the latest police action have been identified as:
- Omprakash (40 years old)
- Sandeep Kumar (29 years old)
- Sunil Kumar (32 years old)
- Sunil Sunda (30 years old)
- Ramesh Saini (40 years old)
- Dheeraj Saini (32 years old)
All are residents of Jhunjhunu district, indicating a localized network involved in the fraudulent activities.
Case Origins and Discovery
The case first came to light on February 1, 2026, when PNB senior branch manager Mukesh Sihag filed an official report. The discovery occurred during a routine inspection of the bank's gold safe on January 28, when officials noticed clear signs of tampering on several packets.
Examination revealed that fake jewellery had been deliberately placed in lieu of original gold items, confirming systematic theft and substitution. This discovery triggered the comprehensive investigation that has now led to multiple arrests and significant asset recovery.
The Jhunjhunu police continue their investigation to determine the full extent of this financial fraud and identify any additional individuals who may have been involved in or benefited from the elaborate scam.
