A case of alleged fraud involving the withdrawal of ₹16,18,350 from a bank account under the pretext of a gold loan has come to light. An FIR has been registered against managers and employees of ICICI Bank and IIFL Finance, along with five named individuals, following a court order. The case has been filed at the Nagar Kotwali police station.
₹12.24 Lakh Gold Loan Processed
According to the complaint, Rahul Gupta, a resident of Ramjan Ki Dharamshala in the Badgaon area, had availed a gold loan of ₹12,24,500 by mortgaging 305 grams of gold jewellery — including bangles, a locket, a necklace, rings and earrings. The loan was processed through the Badgaon branch of IIFL Finance and linked to the ICICI Bank branch in the same locality. Gupta stated that he was issued a receipt after completing the formalities.
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OTP Demands Lead to Massive Debit
As per the report, ₹16,18,350 was deposited in Gupta’s account at the Bank of Maharashtra’s Badgaon branch. He has alleged that on November 4, 2025, he was called to the bank by the branch manager of IIFL Finance, Poonam Tiwari, GB manager Devesh, three other employees, as well as ICICI Bank officer Anil Kumar and the branch manager, among others.
Gupta claims that while at the bank, he was repeatedly asked to share OTPs (One-Time Passwords). During this process, ₹16,18,350 was allegedly withdrawn from his account. He further alleged that he was assured the account would be reconciled and was asked to return later.
Eight-Hour Bank Ordeal
According to the complainant, when he visited the bank again on November 7, 2025, he was allegedly made to wait for nearly eight hours. He was allowed to leave only after calling his lawyer. Gupta has accused the officials of executing the act in a planned manner.
Court-Ordered FIR Launched
Based on the court’s directions, the police have registered a case under sections related to fraud, forgery and criminal conspiracy. Officials stated that an investigation has been initiated and all allegations are being examined.
OTP Security Warnings Issued
The incident has raised concerns locally about banking procedures and OTP security. Experts reiterate that customers should never share their OTPs with anyone, even if the person claims to be a bank employee, as it can lead to unauthorized transactions.
In standard gold loan procedures, once gold is pledged, the sanctioned amount is transferred to the borrower’s account and complete transaction details are provided. If any unauthorized withdrawal occurs, customers are advised to immediately lodge a written complaint with the bank and report the matter to cyber authorities.
Police are currently scrutinizing documents, call records and transaction details. Further legal action will be taken based on the findings of the investigation.
About the author – Rehan Khan is a law student and legal journalist with a keen interest in cybercrime, digital fraud, and emerging technology laws. He writes on the intersection of law, cybersecurity, and online safety, focusing on developments that impact individuals and institutions in India.
