Sachin Raut Arrested in Nagpur ₹23 Crore Gold Loan Fraud Case

Nagpur: A major gold loan fraud case in Nagpur has taken another turn with the arrest of Sachin Raut, who investigators reportedly consider one of the key accused in the case involving more than Rs,23 crore in alleged losses to ICICI Bank.

The Economic Offences Wing (EOW) of Nagpur Police has been investigating the case for several months. With Raut’s arrest, the number of people taken into custody in connection with the alleged fraud has reportedly reached seven.

How the Alleged Scam Started

The case reportedly came to light during an audit of gold loans at an ICICI Bank branch in Manish Nagar. Questions were raised about the authenticity of some of the jewellery pledged as security for loans.

What initially appeared to be a problem involving a few accounts soon turned into a much larger investigation. According to reports, a wider audit found 159 suspicious gold loan accounts or packets spread across nine ICICI Bank branches in Nagpur.

The alleged financial loss has been put at around 23 crore, although figures reported by different sources have varied slightly as the investigation has continued.

What Is Sachin Raut Accused Of?

Investigators allege that Raut played an important role in connecting borrowers with the people involved in arranging the loans.

According to reports, police suspect that Raut had himself taken a gold loan from the bank before becoming involved in arranging other borrowers. Some of the borrowers were reportedly workers associated with him.

The central allegation is that loans were obtained by pledging jewellery that was later found to be fake or otherwise unsuitable as genuine gold collateral. Investigators are now trying to establish exactly how the jewellery passed through the valuation and loan approval process.

A Larger Network Under Investigation

The investigation has not been limited to borrowers. Police have also questioned to arrested people connected with gold valuation, auditing and bank operations.

Among those reported as accused in the case are gold valuer Nandu Kharwade, auditors Rajendra Shilankar, Pramod Tete and Dhananjay Dhomne, and branch manager Pankaj Kekatpure.

The involvement of several people working in different parts of the loan process has led investigators to examine whether the alleged fraud was carried out through a coordinated network rather than by individual borrowers acting alone.

Police are reportedly examining bank records, valuation documents, loan files and electronic evidence to understand how the alleged operation worked.

Why the Case Is Significant

Gold loans are generally considered a relatively straightforward form of secured lending. The jewellery pledged by a customer is valued, and the loan amount is determined based on the value and purity of the gold.

That makes accurate valuation and verification particularly important.

The discovery of suspicious collateral in a large number of accounts and across multiple branches has therefore raised questions about how the alleged fake gold was accepted and how the loans were approved.

What Happens Next?

The EOW investigation is still underway. Police are reportedly tracing the money involved, examining the relationship between the accused and borrowers, and looking into whether more people benefited from the alleged fraud.

Investigators are also expected to determine the individual role of each accused and whether there were further weaknesses in the bank’s internal checks.

The arrest of Sachin Raut is an important development, but it is not the end of the case. The allegations against Raut and the other accused still have to be established through the investigation and judicial process.