The Economic Offences Wing (EOW) of the Delhi Police has arrested a gold appraiser of a non-banking financial company in connection with an alleged ₹3.81 crore gold loan fraud case. The accused allegedly created hundreds of fake gold loan accounts using forged KYC documents, fake identities and counterfeit gold ornaments to obtain loans.
The arrested accused has been identified as Pankaj Kumar, a resident of Budh Vihar in Rohini, Delhi. According to police, he had been working as a gold appraiser with Sai Fincorp Pvt. Ltd. since 2014 and had experience in the gold loan and finance sector.
Fake Accounts Created Using Forged Documents
According to the investigation, Sai Fincorp Pvt. Ltd. filed a complaint alleging that its employees, including Pankaj Kumar, Lady and S.P. Bansal, entered into a criminal conspiracy to create fake gold loan accounts and cause financial loss to the company.
The alleged fraudulent accounts were created using forged KYC documents, fake identities and counterfeit or artificial gold ornaments. During an internal audit, the company also found nine packets of genuine gold ornaments valued at approximately ₹14.11 lakh missing.
A detailed audit reportedly revealed that 683 suspicious gold loan accounts were created between 2022 and 2025. Against these accounts, loans amounting to nearly ₹3.81 crore were allegedly disbursed.
EOW Probes Loan Verification Process
Following the complaint, the Economic Offences Wing registered a case and began an investigation. Based on documentary and electronic evidence collected during the probe, Pankaj Kumar was arrested.
During questioning, the accused allegedly disclosed the method used to create fake loan accounts by using forged documents, fake identities and counterfeit gold ornaments to secure loans from the NBFC.
Investigators are now examining the alleged network involved in the fraud, including the source of counterfeit gold ornaments, the flow of funds and the role of other suspected individuals.
Further Action Based on Investigation
The EOW is also collecting additional documentary and digital evidence to determine the complete extent of the alleged fraud.
The investigation is continuing, and further arrests or legal action may follow based on evidence gathered during the probe. The case has also raised concerns regarding internal controls, gold loan verification procedures and KYC compliance mechanisms within financial institutions.
