A major financial fraud has been uncovered involving ICICI Bank where customers allegedly used fake gold ornaments to secure loans. The case surfaced during an internal audit conducted by the bank which revealed irregularities in several gold loan accounts.
Officials found that the fraud was linked to nine branches of ICICI Bank located in Nagpur in Maharashtra. According to initial estimates the total value of the suspected gold loan scam is around Rs 23 crore.
The irregularities came to light during a detailed internal review of the bank gold loan portfolio. When the pledged ornaments were examined during the audit process many of them were found to be fake rather than genuine gold.
Investigators discovered that around 195 customers had managed to obtain loans by pledging these fake ornaments. The fraudulent activity reportedly took place over a long period between January 2023 and October 2025 before it was finally detected.
Following the discovery a formal complaint was filed by Dhananjay Ramesh Thaite an employee at the ICICI Bank zonal office. Based on this complaint the Dhantoli police registered a case of fraud and launched an investigation into the matter.
Authorities are now examining how such a large number of fake gold items were accepted as collateral for loans.
In banks gold loans are usually approved only after professional valuers verify the purity and authenticity of the gold ornaments pledged by customers. Loans are sanctioned only after the valuers provide clearance.
Given the scale of the fraud investigators are now exploring whether there was any internal negligence or involvement of bank staff or officials. Police are trying to determine how fake gold could pass verification procedures across multiple branches.
The investigation is continuing as authorities attempt to identify all individuals involved in the scam and assess the total financial impact on the bank.
