Rs 96 lakh gold fraud unearthed at Jalna Merchant Co-op Bank’s Ambad branch; managed & staff booked

Chhatrapati Sambhajingar: A major gold loan fraud involving the alleged replacement of pledged ornaments with fake jewellery has been uncovered at the Ambad branch of Jalna Merchant Co-operative Bank, with the police registering a case against the branch manager and staff for siphoning off gold worth Rs 96.4 lakh.Outgoing Jalna superintendent of police Ajaykumar Bansal said the scam came to light after a borrower, Amol Gaikwad, approached the bank to repay his loan and retrieve his pledged gold. Gaikwad had mortgaged 54g of gold to secure a loan of Rs 3.9 lakh for agricultural purposes. However, on visiting the branch, he found it closed amid confusion. Subsequent inquiries revealed that original gold ornaments in several loan packets had allegedly been replaced with brass or imitation jewellery.The police said at least 20 borrowers were affected, with multiple pledged gold packets found tampered with. The fraud was detected during an internal inquiry conducted by the bank's chief executive officer, Kanchan Kelkar, following which a formal complaint was lodged with the police.Based on the complaint, the Ambad police registered a case against the branch manager, a peon, a cashier, along with the bank's general manager, members of the board of directors and other employees under various sections of the Bharatiya Nyaya Sanhita, including 316(2), 316(4), 318(4), 338, 339, 61(2) and 3(5).The complaint further alleges that relatives of the branch manager were seen handling jewellery near the bank locker and with the cashier, raising suspicion of internal collusion.The police said efforts are underway to trace the accused and recover the missing gold. Assistant inspector Gurale and inspector Ghodke are leading the investigation.Meanwhile, angry customers have demanded immediate recovery of their pledged gold and stringent action against those involved. "Our genuine gold has been replaced with fake ornaments. This is a serious breach of trust," aggrieved depositors said.