Following a detailed investigation, police have arrested two auditors in connection with the case. According to officials, as many as 119 account holders allegedly secured loans by pledging fake gold ornaments. Shockingly, the auditors responsible for verifying the purity and weight of the gold had reportedly approved the loans by giving a clean chit, raising serious questions over internal checks and accountability within the banking system.
The arrested auditors have been identified as Pramod Tete and Rajendra Shilankar. Police suspect their direct involvement in facilitating the fraudulent approvals. Gold loans are typically sanctioned after strict valuation and verification by certified appraisers, but in this case, the process appears to have been compromised.
The scam surfaced during an audit at the bank’s Manish Nagar branch, where pledged gold was found to be fake. Following this, a deeper audit of gold loan transactions across branches was ordered. Preliminary findings revealed that fake gold had been used as collateral in multiple accounts, exposing a large-scale fraud.
Police have initiated further investigation to determine the involvement of other bank officials and staff. Authorities are also examining whether similar irregularities exist in other branches.
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