Rajkot: A gold loan fraud has come to light in Nagar Pipaliya village on the outskirts of Rajkot, where loans worth Rs 7.5 lakh were sanctioned against counterfeit gold jewellery.According to police, a complaint was lodged by the branch manager at the Metoda GIDC police station in Rajkot Rural against borrower Dilipsinh Parmar and the bank’s valuer, Nilesh Marviya. An FIR has been registered under sections 318(4), 336(2), 338, 340(2) and 54, and efforts are underway to trace and apprehend the accused.Police said the accused applied for a gold loan on Sept 2, 2025. The jewellery submitted as collateral was examined by the valuer, who certified it as genuine 22-karat gold. Based on this assessment, a loan of Rs 4.5 lakh was sanctioned. On Sept 22, a second loan of Rs 3 lakh was approved against another gold item, taking the total amount to Rs 7.5 lakh.The fraud was detected during a routine quarterly audit on Dec 10, 2025, when the pledged jewellery was found to be fake. Officials said the hallmark stamps on the items were counterfeit.During preliminary questioning, both the borrower and the valuer failed to provide satisfactory explanations. Police suspect a conspiracy, alleging that fake jewellery was deliberately pledged and a false valuation report was prepared to facilitate the loan.
