A major fraud involving fake jewellery and missing gold worth ₹7.31 crore has been uncovered
April 26, 2026: A massive fraud worth ₹7.31 crore has come to light at a branch of Canara Bank in Jalna district, where gold ornaments pledged against loans were allegedly replaced with fake jewellery. The scam was detected during a routine quarterly revaluation of gold loan packets, raising serious concerns about internal controls at the bank. Police have arrested two individuals and registered a case against the branch manager, another officer, and a gold appraiser.
Officials discovered that 22 gold loan packets contained fake jewellery worth ₹3.79 crore, while 30 packets valued at ₹3.52 crore were found missing from the strong room. CCTV footage reportedly showed a bank officer stealing gold packets and concealing them. Investigators also noted that the branch manager allegedly violated security protocols by allowing unauthorised access to the strong room.
Police further said the gold appraiser is accused of certifying fake jewellery as genuine, enabling the fraud. A case has been registered under the Bharatiya Nyaya Sanhita for criminal breach of trust, fraud, and negligence. Authorities are now probing the possibility of a larger conspiracy and involvement of more individuals as the investigation continues.