The Economic Offences Wing (EOW) has expanded its probe into the Rs 23 crore fake gold loan scam involving ICICI Bank, with nearly 10 former branch managers now under scanner for suspected role in approving fraudulent gold loans. Investigators said the bank’s internal inquiry, coupled with the EOW’s investigation, suggests the fraud was far more widespread than initially believed. The findings so far indicate that around 10 former branch managers who sanctioned the loans may have been involved in the scam. EOW officials suspect that arrested Branch Manager Pankaj Kekatpure was the mastermind.

 

However, they believe the fraud could not have continued for so long without the involvement or negligence of other branch managers who approved loans without following proper verification procedure. The scam of more than Rs 23 crore came to light during a routine audit at the Manish Nagar Branch, where several gold ornaments pledged against loans were found to be fake. A detailed audit conducted later across nine ICICI Bank branches uncovered 159 loan accounts in which counterfeit gold had allegedly been mortgaged between January 2023 and October 2025. During investigation, officials found that one of the key accused acted as a “helper” who regularly brought economically weaker people carrying fake gold ornaments to different branches. Once the ornaments were certified as genuine by valuers, loans were sanctioned and disbursed.

 

Investigators also found that some branch managers were under pressure to achieve gold loan business targets. According to EOW officials, the accused helper had become a familiar face for certain bank officials, who allegedly contacted him whenever they needed customers to meet their targets. “Some managers used to call him whenever they were falling short of their targets. He would bring people with fake gold ornaments, the loans would be processed, and the targets would be achieved,” an EOW official said. Police believe this practice continued across several branches for a considerable period, allowing the fraud to go undetected.

 

The EOW is now waiting for ICICI bank’s final internal inquiry report, which is expected to clearly identify the role of individual branch managers and other officials involved in processing the disputed loan accounts. Officials said more branch managers and bank employees who are yet to be identified could be booked once the report is submitted. Investigators are also examining whether any senior officials overlooked irregularities or failed to act despite warning signs. So far, four people have been arrested in the case, including Branch Manager Pankaj Kekatpure, bank-appointed gold valuer Nandu Kharwade and auditors Rajendra Shilankar and Pramod Tete. Several account holders and other accused are still under investigation.