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Wednesday, January 28, 2026
Goldsmith cheats India’s Largest PSU Bank, Fake Gold submitted in SBI
One more gold loan fraud has been reported in banks. This time the fraud has been reported from Panchkula, Haryana.
A man took a gold loan of approximately ₹13.25 lakh by pledging fake gold jewellery to India’s largest public sector bank – State Bank of India (SBI).
Throughout the tenure of loan, no discrepancy was observed. The matter came to light when the loan turned NPA. The bank held an auction to sell the gold and recover money but this turned out to be a big shock to the bank employees. On Auction, the gold was found to be fake and ultimately the bank manager has filed a case against the goldsmith and the accused loan borrower.
Police FIR and Loan Details
Kushan Kumar Saurabh, manager of the State Bank of India (SBI) in Pinjore, Panchkula, has filed a complaint with the police, stating that Sandeep, son of Balbir, a resident of Patel Nagar, Hisar, took a gold loan from the bank.
The accused first visited the bank on October 10, 2024, with gold bangles. Panel goldsmiths Anmol Bansal and Harish Bansal were called to inspect the gold items. The panel goldsmiths confirmed the items as genuine. Based on this confirmation from the goldsmith, the bank sanctioned a gold loan of ₹4,30,000.
What’s more shocking is that the loan was taken thrice by the borrower but nobody could identify the issues with the gold.
The accused visited Bank again on November 16, 2024 to take another gold loan. The bank again called in panel-authorized goldsmiths Anmol Bansal and Harish Bansal. After inspection, they declared the gold genuine. The bank again sanctioned Sandeep a loan of ₹448,000. Similarly, the bank issued a third loan on December 13, 2024.
Loan Turned NPA
Soon the accused borrower stopped depositing money in his loan account and the loan account ultimately turned NPA. The bank auctioned the gold and the bank auctioneer, Laxmi Jewellers, inspected the gold. The jewellers found that the gold was merely gold-plated, leaving everyone shocked.
This incident has raised a very serious question on the functioning and structure of Banks. How can a goldsmith cheat India’s largest public sector bank? This incident states that banks need to place a more strict check on gold loans.
Police can’t freeze Bank Accounts without Court Permission: Delhi High Court
Can Banks freeze your account instantly if they receive a complaint from the police? Right now, in India, this practice is common. Banks freeze accounts instantly on receiving a complaint from the police, but legally, it’s not valid.
The Delhi High Court has ruled that police cannot attach or freeze bank accounts without the approval of the competent court. The court said that freezing of bank accounts is a measure directed at securing alleged proceedings of crime. Such a step cannot be taken under Section 106 of the Bharatiya Nagarik Suraksha Sanhita (BNSS).
The case pertains to Malabar Gold and Diamond Limited. Petitioners are engaged in the business of buying and selling gold ornaments, gold items, gold bars, coins, and precious stones. In July 2024, a company by the name of Dallas E-com Infotech Private Limited approached the petitioners for the purchase of gold items, including gold bars and coins.
It was stated that prior to entering into any transactions, the petitioners undertook due diligence and complied with all applicable Know Your Customer (KYC) norms. It was also stated that the petitioners obtained and verified adequate banking and identification details of the Customer, and the transactions were carried out through regular banking channels.
Between August 2024 and March 2025, multiple transactions were carried out with the Customer, aggregating to approximately Rs. 14,20,74,954.99/-. Subsequently, certain complaints appear to have been registered against the Customer by third parties. It was, however, stated that no complaint, FIR, or proceeding was registered against the petitioners.
According to the petitioners, despite this, and without any verification or finding regarding the petitioners’ involvement or complicity, Police proceeded to communicate directions to Banks, resulting in the freezing of the petitioners’ bank accounts. The State Bank of India (SBI) freezed the account on directions of Police. The company’s accounts were frozen on the basis of police communications linked to alleged cyber fraud by a third-party customer. The petitioners finally approached the court.
The court said – “Attachment or freezing of bank accounts, being measures directed at securing alleged proceeds of crime, can be undertaken only under Section 107 of the BNSS and strictly upon orders of a competent Magistrate, after following the prescribed procedural safeguards,”.
The Court stated that any blanket or disproportionate freezing of bank accounts, particularly where the account holder is neither an accused nor even a suspect in the offence under investigation, is manifestly arbitrary.
After considering the case, the High Court said that there was no justification for freezing the company’s accounts and ordered their defreezing.
Thursday, January 22, 2026
Wednesday, January 21, 2026
Friday, January 16, 2026
State-run banks write off Rs 6.15 lakh cr of loans in 5.5 years
Public sector banks have written off loans worth Rs 6.15 lakh crore in the last five and a half years, Parliament was informed on Monday.
In a written reply in Lok Sabha, minister of state for finance Pankaj Chaudhary said, “According to Reserve Bank of India (RBI) data, PSBs have written-off an aggregate loan amount of Rs 6,15,647 crore, during the last five financial years and the current financial year till September 30, 2025 (provisional data).”
For the first six months of the current financial year, the loan write-off of PSBs stood at Rs 42,035 crore.
During this April-September period, the PSBs recovered Rs 37,253 crore of bad loans.
For the previous full=fiscal, state-run banks had written off loans worth Rs 1.14 lakh crore. This was lower than Rs 1.18 lakh crore in the year-ago period.
The process followed RBI guidelines of provisioning of non-performing assets (NPAs) and those of the policy of the board of the banks, even as such write-offs did not result in waiver of liabilities of borrowers to repay.
Recovery in written-off loans is an ongoing process and banks continue pursuing their recovery actions initiated against borrowers under the various recovery mechanism available to them, such as filing of a suit in civil courts or in debt recovery tribunals (DRT), action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002, filing of cases in the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016 etc.
As provisioning for bad loans has already been done and the write-off process does not entail any actual cash outflow, the bank’s liquidity position remains intact, Chaudhary informed the Lok Sabha.
Moreover, banks evaluate/consider the impact of write-offs as part of their regular exercise to clean up their balance-sheet, avail tax benefit, optimise capital base, enhance lending capacity and boost investor sentiments, the minister informed.
Replying to another question, Chaudhary said, banks and financial Institutions have traditionally been the primary source of export finance in India.
The total export credit disbursed by Public Sector Banks, SIDBI and Exim Bank in the last five years (FY 20-21 to FY 24-25) stood at Rs 21.71 lakh crore, he said.
In another reply, Chaudhary said, 5,83,291 fraud cases were registered in the last four and a half years till September 2025 amounting to Rs 3,588.22 crore.
Of this, he said, Rs 238.83 crore have been recovered.
With increasing digital payment transactions in the country, incidence of cyber frauds including digital payment frauds have also gone up in the last few years, he said
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