A case of alleged fraud involving ₹51 lakh in the name of a gold loan has come to light in Agra, Uttar Pradesh. A businessman has accused an ICICI Bank manager and others of misleading him into taking a gold loan on the pretext of helping the bank achieve its target and later transferring the loan amount to another account through alleged fraudulent transactions. Following an order from the Police Commissioner, a case has been registered at Tajganj police station against nine people, including the bank manager. Police have started an investigation into the matter.
The case is related to Kaushal Kishore Barolia, owner of Barolia Building located in Belanganj area of Agra. According to the complaint, an ICICI Bank branch has been operating from his building since 2016, during which he developed professional relations with bank manager Vivek Singh. The complainant alleged that in February 2026, Vivek Singh approached him and informed him that the bank’s gold loan target had not been completed and requested his assistance.
According to the complaint, the bank manager assured him that if he took a gold loan, the account would be closed within one or two months and his pledged gold would be returned. Trusting the manager’s assurance, Kaushal Kishore Barolia agreed to the proposal and took a gold loan in the name of his son, Vibhor Barolia, by pledging 445.40 grams of gold.
The complaint states that around ₹45.13 lakh was credited to Vibhor Barolia’s bank account under the gold loan scheme. After some time, when the family asked for closure of the loan account and return of the gold, the bank manager allegedly told them that a transaction record of the loan amount was required to complete the process.
It is alleged that following the manager’s instructions, money was transferred from Vibhor’s account and two blank cheques were also taken from the family. They were allegedly told that the amount would be returned to their account later. However, the family later discovered that the cheques had been used to transfer a large sum of money to another person’s account.
According to the complaint, approximately ₹50.60 lakh was transferred through the cheques to the account of Saurabh Sahni. When the family questioned the transaction, the bank manager allegedly claimed that the transfer had happened mistakenly. However, the complainant alleged that the entire process was part of a planned conspiracy.
During the preliminary investigation, it was revealed that Saurabh Sahni had earlier taken a gold loan from Global Capital located on Fatehabad Road. The complaint alleges that Sahni used the amount transferred from Kaushal Kishore Barolia’s account to issue a cheque to Capri Global Capital for the release of his pledged gold.
After learning about the alleged transaction, the victim approached the police. Following police intervention, the release of the gold from Capri Global Capital was stopped. The complainant has alleged that the bank accounts of Saurabh Sahni and female members of his family were opened in the same ICICI Bank branch shortly before the incident as part of a planned arrangement to carry out the financial transactions.
Police officials said that bank records, transaction details, cheque information and the role of all accused persons are being examined. Further legal action will be taken based on the findings of the investigation.
The victim’s family has alleged that their money and gold were trapped through a fraudulent scheme carried out under the guise of a gold loan. Police are now investigating how the alleged transaction was executed and identifying the involvement of each person connected with the case.
