Fraud – Fake Gold Pledge Scam Unearthed at Dhayari Bank Branch
Fraud – A case of alleged financial fraud involving counterfeit gold has surfaced at a cooperative bank branch in Dhayari, raising concerns about internal checks and loan verification systems. The incident came to light after Prerna Cooperative Bank detected irregularities in two gold loan accounts that together amounted to Rs 7.44 lakh. Following a preliminary inquiry, Nanded City Police registered a criminal case against three individuals, including the bank’s empanelled gold valuer.
Complaint Filed by Bank Representative
The complaint was lodged by Meghnath Sadashiv Bodas, 63, representing the bank. Based on his statement, police have named Laxman Umaji Patil, a gold valuer residing in Ambegaon Pathar, along with two borrowers — Shashikant Sambhaji Godge from Ambegaon Pathar and Ganesh Babasaheb Adaling from Kirkatwadi.
Investigators suspect that the trio acted in coordination to secure loans by pledging imitation gold ornaments as collateral. The total financial exposure in the case stands at Rs 7 lakh 44 thousand.
Timeline of the Alleged Fraud
According to police officials, the transactions occurred between March 28 and June 25, 2025. The first instance dates back to March 28, when Shashikant Godge pledged 76.760 grams of gold at the Dhayari branch. The ornaments were assessed and certified as genuine by the bank’s approved valuer. Based on this certification, the bank sanctioned a loan of Rs 3.44 lakh.
A similar transaction took place on June 18. In this case, Ganesh Adaling pledged 80.500 grams of gold, which was once again declared authentic by the same valuer. The bank subsequently disbursed a loan of Rs 4 lakh.
Combined, the pledged gold weighed 157.260 grams. However, subsequent checks revealed that the metal was not genuine, leading to the suspicion of deliberate deception.
Suspicion Triggered by Loan Default
The issue reportedly surfaced after the borrowers failed to repay their respective loans within the stipulated period. As repayment delays mounted, the bank initiated standard verification procedures. During this process, doubts were raised about the authenticity of the pledged ornaments.
A re-evaluation of the gold allegedly confirmed that it was counterfeit. This prompted the bank to approach the authorities and file a formal complaint. Police believe that without the cooperation of the valuer, the loans could not have been sanctioned, making his role central to the investigation.
Police Investigation in Progress
The case has been registered at Nanded City Police Station under relevant sections related to cheating and criminal conspiracy. Sub-Inspector D. D. Sawant is leading the probe under the supervision of Senior Police Inspector Atul Bhos.
Officials are examining documentation related to the loan approvals, valuation certificates, and internal procedures followed at the branch. Statements of bank staff and other concerned individuals are also being recorded as part of the investigation.
Police have indicated that further action will depend on forensic examination reports and financial records. Authorities are also reviewing whether similar transactions may have occurred previously.
Concerns Over Gold Loan Verification
Gold loans are a widely used financial product in India, especially at cooperative banks and non-banking institutions. The system largely depends on accurate valuation and verification of pledged ornaments. This incident has highlighted potential vulnerabilities in that process.
Banking experts note that internal controls and cross-verification mechanisms play a critical role in preventing such fraud. While investigations are still ongoing, the case underscores the importance of strict oversight in collateral-based lending.
No arrests had been confirmed at the time of reporting. Police have assured that appropriate legal action will follow based on the findings of the inquiry.