A big case of Gold Loan Fraud has been reported in UCO Bank, Bhopal, Madhya Pradesh. CBI has registered case of alleged misconduct committed by three empanelled valuers/appraisers namely Shri Deepak Soni, Proprietor of M/s Shobhagya Jewellers, Shri Sandeep Soni, Proprietor of M/s Kanchan Jewellers and Shri Deepak Soni, Proprietor of M/s Gauri Abhusan and unknown bank officials of UCO bank and unknown private persons.
Shri Deepak Soni, Proprietor of M/s Shobhagya Jewellers, Shri Sandeep Soni, Proprietor of M/s Kanchan Jewellers valuers/appraisers exploited their exclusive position for UCO Bank branches in Bhopal to facilitate large-scale fraud. They issued false authentication certificates for fake gold, enabling the sanction of multiple gold loans across various branches of UCO bank.
These valuers deliberately certified counterfeit gold as genuine, causing the bank to disburse loans to different borrowers. This systematic fraud has resulted in an estimated financial loss of around 25-26 crores to the bank (across 04 branches).
What’s more shocking is that – the same gold was used to repay previous gold loan. The gold loan was taken multiple times using the same Fake Gold. This shows that the bank employees might also be involved in this big scam.
In the Lalghati Branch of UCO bank, a total of around 121 gold loans were sanctioned by pledging the fake Gold. The Lalghati branch of UCO bank has been defrauded to the tune of around Rs 10.2 Crores.
A total of around 10 gold loans were sanctioned at Gulmohar Branch of UCO Bank by pledging the fake gold. The Gulmohar branch of UCO bank has been defrauded to the tune of Rs 45.6 lakhs.
A total of around 73 gold loans were sanctioned at Marwari Road Main Branch of UCO Bank by pledging the fake gold. The Marwari Road Main branch of UCO bank has been defrauded to the tune of Rs 6.5 Crores.
A total of around 92 gold loans were sanctioned at Piplani Branch of UCO Bank by pledging the fake gold. The Piplani branch of UCO bank has been defrauded to the tune of Rs 8.25 Crores
| Place | Cases | Amount |
|---|---|---|
| Lalghati | 121 | Rs.10 crore |
| Piplani | 92 | Rs.8.25 crore |
| Marwari | 73 | Rs.6.50 crore |
| Gulmohar | 10 | Rs.45 lakh |
During the preliminary enquiry, it is revealed that an internal inspection conducted at UCO Bank’s Marwari Road branch, Bhopal, in March 2025 uncovered fraudulent activity in several gold loan accounts. During the inspection, the authenticity, weight, and market value of randomly selected pledged gold loan packets were reassessed by an independent auditor. The auditor, Shri Amit Soni, Vidisha, found that the pledged gold in these packets was fake. This discovery raised serious concerns about potential fraud.
Following this, UCO Bank decided to conduct the verification process of all pledged gold loan accounts in its other branches within the Bhopal region. The bank initiated a thorough re-appraisal of the pledged gold to assess the extent of the fraudulent activity.
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