Gold Loan Scam: PNB Manager Accused Of Stealing Customers' Gold Worth Rs 6.5 Crore

Last Updated:February 04, 2026, 20:58 IST

The scam surfaced after tampering was detected in gold packets in the bank's strong room, with police finding fake jewellery in 73 packets and 3 underweight ones

An initial internal audit by the bank revealed a shortage of 4,198 grams of gold, pegged at approximately Rs 6.5 crore. (Representational Image)

The contours of a major gold loan scam at a Punjab National Bank (PNB) branch at Nawalgarh in Rajasthan’s Jhunjhunu district are gradually emerging, with investigations pointing to the alleged misappropriation of more than 4 kgs of gold valued at around Rs 6.5 crore.

According to investigators, the fraud took place at the bank’s Nansa Gate branch, where the then branch manager, in collusion with two associates, is accused of siphoning off gold pledged by customers as collateral for loans. Police say the accused allegedly used the proceeds to purchase high-value land parcels and establish a dairy plant.

The scam came to light after tampering was detected in gold packets stored in the bank’s strong room, triggering panic among hundreds of customers who had deposited their jewellery for gold loans. As per the police report, 73 packets were found to contain fake jewellery instead of real gold, while three other packets were discovered to be underweight compared to official records.

An initial internal audit by the bank revealed a shortage of 4,198 grams of gold, pegged at approximately Rs 6.5 crore. However, police officials cautioned that the actual quantum of stolen gold would be ascertained only after a comprehensive verification of all pledged assets.

Investigators noted that the gold safe was secured with a dual-key system, operated jointly by then senior branch manager Amit Kumar Jangid and deputy manager Anant Prakash Chaudhary. The irregularities surfaced on January 28, when charge of the strong room was being transferred to deputy manager Seema Mehla. Following this, the incumbent branch manager initiated an internal probe, which flagged the role of the former branch manager as suspicious.

Based on the bank’s complaint, police have registered a case against Amit Kumar Jangid, Anant Prakash Chaudhary, and bank business correspondent (BC) operator Santosh Kumar. Searches have revealed that Jangid acquired properties worth several crores in recent years, including land on which a dairy plant was established. Additional properties linked to the accused have been identified at multiple locations. His family reportedly resides in Sithal village of Gudhagaurji area in Jhunjhunu.

The investigation has also uncovered evidence of fictitious gold loans issued from the branch. Several loan accounts were found to be in the names of non-existent individuals, with indications that fraudulent loans may also have been sanctioned under government schemes.

Police officials said the total amount embezzled in the scam would be known only after the investigation is completed, adding that preliminary findings suggest the losses could be significantly higher than initially estimated.

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