Massive Gold Loan Fraud at ICICI Bank: Fake Gold Used to Swindle ₹23 Crore
मुख्य बातें
- •₹23 crore gold loan fraud uncovered at ICICI Bank
- •Allegedly used counterfeit gold to secure the loan
- •Involved jewellery owner from Hyderabad, bank employees, and intermediaries
- •Bank has formed a special team to investigate the fraud
A major gold loan fraud has come to light at ICICI Bank, one of the country’s leading banks. Allegations have surfaced that an individual associated with a jewellery business based in Hyderabad used counterfeit gold to secure a gold loan from the bank. Bank sources have revealed that this fraud has resulted in a loss of ₹23 crore for the institution.
According to reports, the scam involved the jewellery owner, bank employees, and intermediaries. It is alleged that fake gold was presented as genuine to obtain the gold loan. Bank officials have identified the issue and are now taking steps to take action against those involved. However, further details have not yet been disclosed.
ICICI Bank sources stated that a special team has been formed to verify whether the gold submitted for the loan was genuine. This team is already gathering information from the jewellery owner and other related individuals. Expressing concern over the fraud coming to light, bank officials have assured that they will take necessary precautions to prevent such incidents in the future.

