Nagpur: In a major financial fraud case, more than 160 individuals have been booked for allegedly cheating ICICI Bank of ₹23.19 crore through a fake gold loan racket that operated for nearly three years across multiple branches in the city.

The case has been registered by the Economic Offences Wing (EOW), following a complaint lodged at Dhantoli Police Station. Officials confirmed that 152 account holders, along with valuers and auditors, have been named in the FIR.

Fraud Spanned Nearly Three Years

According to investigators, the accused allegedly pledged fake gold ornaments to secure loans from the bank between January 2023 and October 2025. During this period, loans amounting to ₹23.19 crore were reportedly disbursed against counterfeit jewellery across nine bank branches in Nagpur.

The fraud came to light during routine internal audits conducted by the bank, when certain pledged ornaments were found to be fake. The discovery triggered suspicion, prompting a comprehensive verification of gold loan accounts, which ultimately exposed the large-scale irregularities.

Valuers and Auditors Under Scanner

Among those booked are valuer Nandu Kharwade and auditors Rajendra Shilankar, Pramod Tete, Dhananjay Dhomne, and Pankaj Kekatpure. Investigators suspect that some valuers and auditors allegedly colluded with account holders by certifying counterfeit ornaments as genuine, thereby facilitating the sanctioning of loans.

Bank officials stated that gold loan approvals are based on certification by empanelled valuers and periodic audits to ensure authenticity. However, in this case, the verification mechanism was allegedly manipulated to execute the fraud.

Account Holders Allegedly Lured

Preliminary findings indicate that several account holders may have been enticed into the scheme with monetary incentives offered by valuers and auditors. Police believe the network could be wider than currently known and are probing possible links and financial trails.

The complaint was filed by the bank’s zonal head, Dhananjay Thite, following an internal review. After conducting a preliminary inquiry, the EOW registered a case of cheating and criminal conspiracy.

Officials said further custodial interrogation of the accused is likely to reveal the full extent of the scam and the involvement of additional persons, if any.

The investigation is ongoing.