Fake jewellery used to deceive bank of Rs 4.2 crore, 13 booked

Pune: Economic Offences Wing (EOW) of the Pune Police has initiated a probe against 13 people, including two gold evaluators affiliated with the Parvati branch of a public sector bank, for allegedly cheating the bank of Rs 4.23 crore between May 2025 and May this year by mortgaging fake gold jewellery to secure loans.

Senior inspector Deepali Bhujbal of the EOW told TOI, “We initiated the probe after bank officials approached us with their complaint.”

A case in this regard was lodged by bank officer (43), and a formal FIR has been registered at the Parvati police station.

Bhujbal said, “All 13 suspects are on the run, and we are searching for them.”

According to the police, the suspects approached the bank in May last year, mortgaged gold jewellery, and collectively secured loans worth Rs 4.23 crore for one year. “Each of them took loans ranging from Rs 15 lakh to Rs 50 lakh,” Bhujbal said.

“The bank accepted the gold as genuine after its gold evaluators confirmed 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 EMIs nor visited the bank to reclaim the jewellery. Suspecting foul play, the bank commissioned an audit of the pledged jewellery and hired another gold evaluator, who confirmed that the jewellery was fake,” she said.