The Economic Offences Wing (EOW) of the Delhi Police has arrested a man in connection with a Rs 3.81-crore gold loan fraud in which counterfeit gold ornaments, forged documents and fake identities were allegedly used to secure loans from a non-banking financial company (NBFC).
According to investigators, the accused created 683 fake gold loan accounts to defraud the finance company. The fraud came to light during the company’s internal audit, following which a police investigation was launched.
As per the police, Sai Fincorp Pvt Ltd, an NBFC providing loans against pledged gold ornaments, alleged that its employees—Pankaj Kumar, Lady and SP Bansal—entered into a criminal conspiracy and committed criminal breach of trust, cheating and forgery by creating fake gold loan accounts using forged KYC documents, fake identities and counterfeit gold ornaments.
It was alleged that during an internal audit, nine packets of original gold ornaments worth about Rs 14,11,500 were found missing. The audit further revealed that 683 fraudulent gold loan accounts, against which loans amounting to approximately Rs 3,81,32,800 were disbursed from 2022 to 2025.
Subsequently, the EOW registered a case and launched an investigation.
During the investigation, investigators found that the fake loan accounts had allegedly been created using forged KYC documents, fake identities and fake/artificial gold ornaments. Based on the evidence collected, Kumar was arrested.
During interrogation, Kumar disclosed the modus operandi used to create fake loan accounts and obtain loans using forged documents and counterfeit gold ornaments.
A further investigation is in progress to identify the source of the fake gold ornaments, trace the proceeds of crime, recover case property, identify other persons involved and collect additional documentary and electronic evidence, Deputy Commissioner of Police (EOW) Amit Verma said.
The DCP said Kumar, a resident of Budh Vihar, Rohini, had been working as a gold appraiser in Sai Fincorp Pvt Ltd since 2014. He is a graduate from the University of Delhi and had previously worked in the gold loan and finance sector.