Fake jewellery used to obtain ₹43 lakh loan in Jabalpur:Fraud uncovered after repayments ceased; 2 valuers among 15 named in FIR

A major bank fraud has come to light in Jabalpur, where fake gold was allegedly pledged to obtain loans worth nearly ₹43 lakh from a branch of Punjab National Bank (PNB) located in the Sadar area. According to police, the bank’s own authorised gold valuers allegedly colluded with borrowers to get loans sanctioned against counterfeit jewellery. Following a complaint by the bank manager, an FIR has been registered against 15 people, including two gold valuers. How the fraud was allegedly executed Whenever a customer applies for a gold loan, the bank relies on an authorised valuer to verify the purity and authenticity of the pledged jewellery. In this case, the bank had appointed Rajiv Soni, proprietor of Abhinav Jewellers in New Ramnagar, as its authorised gold valuer. Investigators allege that Rajiv knowingly certified fake gold submitted by 13 customers as genuine, enabling them to secure loans worth lakhs of rupees. Even valuer’s wife allegedly pledged fake jewellery The fraud allegedly extended to the valuer’s own family. Police said Rajiv Soni’s wife, Pooja Soni, also approached the bank for a gold loan using counterfeit jewellery as collateral. On that occasion, the jewellery was examined by Ashutosh Saraf, proprietor of Siddheshwari Jewellers in Kanchghar, who allegedly certified the fake gold as genuine as well. Fraud uncovered after borrowers stopped paying EMIs According to Cantt Police Station in-charge Pushpendra Patle, the fraud took place between December 2023 and October 2024. The scam came to light after several borrowers failed to repay their loan instalments even after the loan tenure had expired. The bank issued notices to the customers, but none responded or approached the branch. Suspicious of the situation, the bank manager ordered a fresh examination of the jewellery kept in the bank’s locker. The re-evaluation reportedly revealed that all the pledged gold was counterfeit. Complaint filed, FIR registered The bank manager submitted a written complaint to Cantt Police Station in February 2026. Following a preliminary investigation, police registered a case against all 15 accused. Arrests expected soon Station House Officer Pushpendra Patle said the preliminary probe clearly indicates that the bank’s authorised gold valuers, in connivance with other accused persons, orchestrated the fraud. “Named FIRs have been registered against all 15 accused. Police teams are conducting searches, and all those involved will be arrested soon,” he said. The investigation is ongoing, and police are examining the extent of financial losses suffered by the bank as well as the role of each accused in the alleged conspiracy.