New Delhi: A gold loan fraud exceeding ₹3 crore at a private non-banking financial company (NBFC) in Delhi has uncovered a startling motive. According to the Delhi Police’s Economic Offences Wing (EOW), a gold appraiser allegedly conspired with his colleague to create 683 fake gold loan accounts over six years, using counterfeit jewellery and forged Know Your Customer (KYC) documents to secure fraudulent loans. Investigators claim the accused orchestrated the scheme to finance an extramarital relationship while supporting his family.
Police said the prime accused, Pankaj Kumar, joined Sai Corporation’s Vikaspuri branch in 2014 as a gold appraiser. His responsibilities included verifying the purity, hallmark and weight of gold pledged as collateral, approving loans and ensuring that the pledged ornaments were securely stored in the company’s lockers. Investigators allege that he abused this position by working with colleague S. P. Bansal to establish an elaborate network of fraudulent loan accounts.
According to the investigation, the duo created 683 fake gold loan accounts between 2019 and 2025. They allegedly used forged KYC documents, fabricated identities and imitation jewellery to obtain loans in the names of 28 individuals, many of whom had previously been genuine customers of the company. Police estimate that more than ₹3 crore was fraudulently disbursed through the scheme.
The fraud came to light during an internal audit conducted in August 2025. The audit revealed significant discrepancies in the accounts handled by Pankaj. Investigators also discovered that gold valued at approximately ₹14 lakh, which was listed in the company’s records, was missing from the lockers. When questioned, the accused allegedly walked out of the office and never returned, prompting the company to file a police complaint.
The EOW’s financial investigation further revealed that between 2019 and 2025, Pankaj allegedly transferred more than ₹90 lakh in multiple transactions to bank accounts linked to a woman with whom he was reportedly involved in an extramarital relationship. Investigators also identified a single transfer of ₹16 lakh made to her account in 2019. During questioning, the accused allegedly admitted that he needed additional money to support both his family and the woman.
According to police, the relationship began around 2015 after Pankaj received a phone call from a wrong number. The conversations gradually developed into a friendship and later an intimate relationship. At the time, Pankaj was already married and living with his wife and two children in Delhi’s Budh Vihar area.
As the investigation progressed, police contacted individuals whose identities had allegedly been misused to obtain fraudulent loans. Many of them turned out to be former customers of the NBFC. Investigators said that the identity documents of a Municipal Corporation employee from Rajouri Garden and his wife were also used to create two fake gold loan accounts. Statements from these victims and documentary evidence helped investigators establish the alleged conspiracy.
Police allege that the accused falsely certified imitation jewellery as genuine gold and approved loans using forged documents, causing substantial financial losses to the company over several years. Pankaj Kumar was arrested on July 7, while co-accused S. P. Bansal is currently out on bail. The Economic Offences Wing is continuing its investigation into the financial trail, other possible beneficiaries and the involvement of additional suspects in the alleged gold loan fraud.
