New Delhi | Updated: July 10, 2026
The Economic Offences Wing of Delhi Police has arrested a man in connection with a ₹3.81-crore gold loan fraud involving counterfeit gold ornaments, forged documents, and fake identities.
According to police, the accused allegedly helped create 683 fake gold loan accounts to defraud a non-banking financial company.
The fraud came to light during an internal audit conducted by Sai Fincorp Pvt Ltd, an NBFC that provides loans against pledged gold ornaments.
The company alleged that its employees, including Pankaj Kumar, Lady, and SP Bansal, entered into a criminal conspiracy and committed cheating, forgery, and criminal breach of trust.
Police said fake gold loan accounts were allegedly created using forged KYC documents, fake identities, and counterfeit gold ornaments.
During the internal audit, nine packets of original gold ornaments worth around ₹14.11 lakh were found missing.
The audit further revealed that 683 fraudulent gold loan accounts had been created between 2022 and 2025.
Loans worth approximately ₹3.81 crore were disbursed against these accounts.
Following the complaint, the Economic Offences Wing registered a case and launched an investigation.
Investigators found that the fake loan accounts had allegedly been opened using forged documents and artificial gold ornaments.
Based on the evidence collected during the probe, Pankaj Kumar was arrested.
During interrogation, Kumar allegedly disclosed the modus operandi used to create fake loan accounts and obtain loans with counterfeit gold and forged documents.
Deputy Commissioner of Police, EOW, Amit Verma said further investigation is underway.
Police are trying to identify the source of the fake gold ornaments, trace the proceeds of the crime, recover case property, and identify other persons involved in the fraud.
Investigators are also collecting additional documentary and electronic evidence.
The DCP said Kumar, a resident of Budh Vihar in Rohini, had been working as a gold appraiser with Sai Fincorp Pvt Ltd since 2014.
He is a graduate from the University of Delhi and had earlier worked in the gold loan and finance sector.
