Nagpur: The Economic Offences Wing (EOW) of Nagpur Police has arrested alleged key accused Sachin Raut in the ₹23.31-crore ICICI Bank fake gold loan scam, taking the total number of arrests in the case to seven. Investigators allege that duplicate gold jewellery and fake borrowers were used to obtain loans from multiple ICICI Bank branches across Nagpur.
The case was registered at Dhantoli Police Station on March 30, 2026, after ICICI Bank reported an initial financial loss of more than ₹23.19 crore. Further investigation revealed that the alleged fraud had caused losses of ₹23,31,84,752.
ICICI Bank gold loan fraud spread across 152 accounts
The alleged scam came to light during a gold loan audit on October 18, 2025, when the purity of jewellery pledged in one account raised suspicion. The EOW then expanded its investigation to gold loan accounts at ICICI Bank branches in Manish Nagar, Medical Square, Narsala, Katol Road, Ajni Square, Chhatrapati Square, Wardha Road, Pratap Nagar and Nandanvan.
Investigators subsequently identified suspicious transactions involving 152 gold loan accounts. Police traced the borrowers, pledged ornaments, loan amounts and movement of funds through bank accounts to establish the alleged fraud network.
Main accused allegedly arranged fake borrowers
According to the EOW, Raut had obtained a gold loan from ICICI Bank in 2018-19 and later increased his borrowing limit. Investigators allege that he subsequently began arranging borrowers, including labourers associated with him, to obtain gold loans and help meet branch-level loan targets.
Police suspect that the alleged racket involved coordination between fake borrowers and individuals involved in the gold valuation and loan approval process.
155 fake gold ornaments allegedly certified
The investigation has also highlighted the alleged role of appraiser Nandu Kharwade, who reportedly valued 155 fake gold ornaments as genuine. Police allege that he received ₹5,000 per valuation report and provided details of 38 purported fake borrowers, including friends, relatives and acquaintances.
During searches, the EOW seized mobile phones, laptops, vehicles, bank-related documents and lists of alleged fake gold loan customers, which investigators say could help establish the wider network.
Bank auditors, officials under EOW scanner
The EOW is also investigating auditors Pramod Tete, Rajendra Shilankar and Dhananjay Dhomne, who allegedly certified the pledged ornaments as genuine during audits conducted around three months after the loans were disbursed.
Police are examining whether payments were made to obtain favourable valuation and audit reports and whether bank officials deliberately overlooked irregularities.
The EOW is now tracing the ₹23.31-crore money trail, identifying other beneficiaries and examining the role of bank officials, valuers, auditors and borrowers. Investigators have not ruled out further arrests as the probe continues.
