An inquiry into a large-scale gold loan fraud at the Canara Bank branch in Civil Lines, Prayagraj, has shown that multiple individuals obtained loans totaling lakhs of rupees by presenting counterfeit gold. The complaint claims that anomalies were discovered in 18 gold loan accounts, of which 16 individuals used counterfeit gold to obtain loans worth ₹57,19,800. This sum has grown in value over time to ₹64,01,990.
Canara Bank's Assistant General Manager and Regional Head, Pankaj Verma, reported the entire incident in a formal complaint to the Civil Lines police station. The police registered the case on April 10, 2026, following an investigation, despite the fact that the FIR was filed in July 2025.
The report of Vishnu Sharma, the gold appraiser, was used to approve the loans. Suspicions grew after Kaushal Kishore Verma, another gold appraiser, carried out an investigation. The pledged gold was discovered to be counterfeit during a second test carried out by Sudhanshu Verma on July 3, 2025, and Shivkumar Verma on July 15, 2025, as directed by the bank.
Bank personnel were terrified when the case was made public. The Civil Lines police station then received a case against sixteen named people as well as additional unnamed people. Police have opened an investigation and registered the fraud complaint.
When a customer approaches a bank for a gold loan, the bank calls a goldsmith to conduct the valuation and purity of the gold. On the basis of the value of Gold, the bank sanctions gold loan up to 80% of the value. So, the role of goldsmith is very important in identifying the purity of Gold. If the goldsmith cheats, then the gold scam is inevitable.
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