A significant financial fraud has been reported from Shimla, where fake gold ornaments were allegedly pledged to obtain loans worth ₹34.73 lakh from a bank. The case, linked to the Bank of India’s Mall Road branch, has led to the registration of a case against six individuals following a complaint by the bank management. A detailed investigation has now been launched.
According to information, multiple individuals availed gold loans between 2020 and 2023 by pledging ornaments along with valuation certificates issued by a panel jeweller, certifying them as 22-carat gold. However, subsequent verification revealed serious discrepancies in the authenticity and purity of the pledged jewellery.
The issue surfaced when the bank conducted a re-evaluation of the pledged ornaments based on suspicion. The assessment reportedly found that several ornaments were either fake or contained significantly lower gold content than declared. Following this, the bank issued show-cause notices to the borrowers, but most failed to provide satisfactory responses or repay the loan amounts.
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Bank Complaint and Key Accused
A formal complaint was lodged on April 16 by the senior branch manager and branch head of the bank, alleging that the accused deliberately submitted fake gold ornaments to fraudulently obtain loans and misused public funds.
The individuals named in the case include Ankita Kumar, Inder Jasta, Vasudev Pathak, Tania, Leela Devi, and Sonu Kumar Gupta. It is alleged that each of them secured loans by pledging different quantities of ornaments under suspicious circumstances.
As per records, Ankita Kumar allegedly took a loan of ₹6.63 lakh against 198.600 grams of ornaments. Inder Jasta is accused of availing two loans amounting to ₹4.50 lakh and ₹5.25 lakh against 100 to 115 grams of jewellery. Vasudev Pathak reportedly secured ₹8.20 lakh by pledging around 182.660 grams of ornaments.
Similarly, Tania allegedly obtained ₹2.60 lakh against 69.10 grams of ornaments, while Leela Devi secured ₹2.05 lakh using 84.25 grams of jewellery. Investigators found that a substantial portion of these ornaments were later identified as fake during verification. In another instance, Sonu Kumar Gupta had taken a loan of ₹5.50 lakh, which he reportedly repaid later.
Coordinated Fraud and Banking‑Lapse Concerns
Preliminary investigation suggests that the entire operation may have been part of a coordinated effort to exploit banking procedures and divert funds through fraudulent means. Authorities believe the case reflects a possible organised attempt to bypass financial safeguards.
The bank has classified the matter as a serious financial fraud and has informed the relevant authorities for further action. Officials are now examining banking records, loan documents, and jewellery evaluation reports to trace the extent of the scam.
Police officials stated that detailed scrutiny of financial transactions is underway. Investigators are also trying to determine whether any jeweller or third party was involved in certifying the fake ornaments or facilitating the fraud.
The incident has raised concerns over the verification process in gold loan approvals and the security mechanisms within banking operations. Experts believe stricter monitoring and improved authentication systems are necessary to prevent such cases.
The investigation is ongoing, and all accused individuals are expected to be questioned as authorities work to uncover the full extent of the alleged fraud network.
