By Vishwapati
Patna: A shocking gold loan scam involving approximately ₹1 crore has been uncovered at the Dheevar branch of the Bank of India, located in the Barh police station area of Patna district. The fraud came to light after it was discovered that fake gold had been used as collateral for loans. Branch manager Rahul Kumar has since filed a formal complaint with the police.
Between 2020-21 and 2021-22, a total of 23 individuals approached the branch for gold loans. Sumit Kumar, an empanelled goldsmith from Haqiqatpur, Bakhtiyarpur, was called in to assess the gold provided by these customers. Following his evaluation, the loans were processed and disbursed by the bank in accordance with standard procedures and documentation.
However, when the borrowers failed to repay their loans on time, the bank declared all 23 accounts as non-performing assets (NPAs). During the annual re-evaluation of pledged assets, as per banking regulations, a newly appointed goldsmith, Ashish Kumar, inspected the gold and reported in writing that it was counterfeit. This revelation sent shockwaves through the bank.
Branch manager Rahul Kumar has alleged that Sumit Kumar, the original gold appraiser, colluded with the loan holders in a deliberate criminal conspiracy. According to him, the group intentionally misrepresented the value of the gold to defraud the bank, causing significant financial losses.
Sources suggest that the scam may involve more individuals, with suspicions that a mastermind orchestrated the fraud in collaboration with the goldsmith. The police have registered a case against the 23 loan holders, who hail from various areas including Sherpur, Bihari Bigha, Parsawa, Balipur, Hussainganj, Bhuapur, Ram Nagar Diara, Sabnima, Suleman Dargah, Brahmani Colony, and behind the Girls School.
The Station House Officer (SHO) confirmed that an investigation is underway, with bank employees also under scrutiny. Police will question both the staff and customers who withdrew funds but failed to repay their loans.
This incident is not an isolated one. In 2023, similar frauds involving fake gold loans worth around ₹4.5 crore were reported at the Bakhtiyarpur, Dheevar, and Barh branches of the same bank. Cases were filed at the time, and investigations are ongoing. Additionally, a ₹5 crore scam was uncovered at the Bank of Baroda’s Madhopur branch in Bakhtiyarpur, where around 150 individuals were implicated.
Sumit Kumar, the goldsmith at the centre of the controversy, has been named as an accused in both cases, as he was appointed as a valuer by both Bank of Baroda and Bank of India. These repeated incidents have severely tarnished the reputation of the banks and eroded customer trust.
The police are now working to unravel the full extent of the scam and bring all those involved to justice.
The author, Vishwapati, is a senior journalist based in Patna. He may be contacted at vishwapati25@gmail.com
