Nagpur: The Economic Offences Wing (EOW) has widened its investigation into the ₹23 crore fake gold loan scam involving ICICI Bank, bringing nearly 10 former branch managers under scrutiny for their suspected role in approving fraudulent gold loans.

According to investigators, both the EOW probe and ICICI Bank’s internal inquiry indicate that the scam was far more extensive than initially believed. Officials suspect the fraud continued for years due to either the involvement or negligence of multiple branch managers who allegedly approved loans without following proper verification procedures.

Scam Uncovered During Audit

The fraud surfaced during a routine audit at ICICI Bank’s Manish Nagar branch, where several gold ornaments pledged as collateral were found to be counterfeit. A subsequent audit across nine ICICI Bank branches uncovered 159 gold loan accounts in which fake gold had allegedly been mortgaged between January 2023 and October 2025.

Gold Rate

July 17 ,2026 - Time 10.30Hrs

Gold 24 KT ₹ 1 41,000 /-

Gold 22 KT ₹ 1,30,900 /-

Silver/Kg ₹ 2,16,900/-

Platinum ₹ 88,000/-

Recommended rate for Nagpur sarafa Making charges minimum 13% and above

‘Helper’ Allegedly Brought Customers

Investigators claim one of the key accused acted as a “helper,” regularly bringing economically weaker individuals carrying fake gold ornaments to various bank branches. After the ornaments were certified as genuine by valuers, the loans were approved and disbursed.

Target Pressure Under Scanner

The EOW is also examining whether pressure to achieve gold loan business targets contributed to the fraud.

According to officials, some branch managers allegedly contacted the accused helper whenever they needed additional customers to meet their loan targets. The helper would then arrange borrowers with counterfeit gold, enabling the loans to be processed and targets to be achieved.

Police believe this practice continued across multiple branches for a considerable period, allowing the fraud to remain undetected.

More Action Likely

The EOW is awaiting ICICI Bank’s final internal inquiry report, which is expected to 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 could face criminal action once the report is submitted. Investigators are also examining whether senior officials ignored warning signs or failed to act despite noticing irregularities.