Who is the PNB manager arrested in the Rs 6.5 crore gold loan scam?
Synopsis
The arrest of PNB manager Amit Jangid in a gold loan scam has sent shockwaves through the banking sector. Discover how this audacious fraud unfolded and the ongoing investigation as authorities work to recover the missing gold.
Key Takeaways
PNB manager arrested for Rs 6.5 crore scam.
Gold pledged for loans was manipulated.
Investigation reveals collusion among bank officials.
Missing gold valued at 4.198 kg .
Ongoing efforts to recover the lost assets.
Jaipur, Feb 6 (NationPress) The Rajasthan Police have taken into custody Amit Jangid, the primary suspect in the Rs 6.50 crore gold loan fraud at the Punjab National Bank (PNB) Nawalgarh branch located in the Jhunjhunu district. At the time of the scam, Jangid was functioning as the bank's manager, and he was apprehended near the Mathura railway station in Uttar Pradesh.
As per police reports, the accused even attempted to escape from their custody; however, a police team successfully pursued and captured him before he could get away.
The fraudulent activity came to light on February 3, leading to the registration of an FIR against Amit Jangid, another official Santosh Kumar Saini, and Deputy Manager Anantprakash Chaudhary. Authorities have also detained Santosh Saini. Initial investigations suggest that the scam was perpetrated through the collusion of Jangid and Saini. Following the exposure of the fraudulent scheme, Amit Jangid went into hiding.
On February 5, his spouse lodged a missing person report, indicating that he had vanished after the incident.
The current branch manager, Mukesh Sihag, noted in his complaint that gold pledged for loans was kept in the bank’s secure gold vault.
On January 28, during the transition of responsibilities for the gold strong room to Deputy Manager Seema Mahla, irregularities were uncovered.
Previously, the two keys for the strong room were held by the then manager Amit Jangid and Deputy Manager Anantprakash Chaudhary.
During the verification, bank officials found evidence of tampering with gold packets, triggering an internal investigation.
The investigation uncovered that genuine gold jewelry from 73 packets had been swapped with counterfeit items. Additionally, the jewelry weight in three packets was significantly lower than expected.
According to the bank's evaluation, approximately 4.198 kilograms of gold jewelry, valued at around Rs 6.50 crore, was unaccounted for in the strong room.
The police are continuing their investigation to clarify the specific involvement of each suspect and to locate the missing gold. Further arrests may occur as the inquiry advances.
Point of View
This incident raises significant concerns regarding the integrity of banking institutions. As the investigation unfolds, it is crucial to maintain transparency and accountability to restore public trust. The Nation stands committed to keeping the public informed about developments in this high-profile case.
NationPress
8 May 2026
Frequently Asked Questions
What is the gold loan scam about?
The scam involves the manipulation of gold pledged for loans at the Punjab National Bank, resulting in the loss of approximately Rs 6.5 crore worth of gold.
Who are the individuals involved?
The primary accused is Amit Jangid, the bank manager, along with Santosh Kumar Saini and Deputy Manager Anantprakash Chaudhary.
How was the fraud discovered?
The fraud was uncovered during the transition of bank responsibilities when discrepancies in the gold strong room were detected.
What is the status of the investigation?
The investigation is ongoing, with police working to uncover the roles of each suspect and recover the missing gold.
Has anyone else been arrested?
Yes, Santosh Kumar Saini has also been arrested in connection with the scam.
