ICICI Bank fraud involving ₹48 lakh gold loan surfaces; police intensify search for main accused Rajesh Lunia
Published on: January 19, 2025
By: BTNI
Location: Rajnandgaon, India
In a major breakthrough in a high-value bank fraud case, Rajnandgaon Police have arrested Rajkumar Devkar, an authorised gold assayer, for his alleged role in a fake gold loan scam involving ₹48.09 lakh at an ICICI Bank branch. The arrest was made by City Kotwali Police after the accused remained absconding for nearly two years. The prime accused, Rajesh Lunia, is still at large.
According to police sources, during 2022, Rajesh Lunia availed a gold loan worth ₹48,09,984 from the ICICI Bank, Ganj Chowk branch, by pledging 1,405.45 grams of gold ornaments across four separate transactions. The pledged ornaments were examined and certified as genuine by Rajkumar Devkar, who was empanelled as an authorised assayer for the bank.
The scam came to light when Lunia attempted to obtain another gold loan from the ICICI Bank branch at Anjora, Durg. During routine verification, the gold presented was found to be fake. Following this, the gold ornaments stored at the Rajnandgaon branch were re-examined, revealing that all pledged items were counterfeit.
Police investigations established that both accused allegedly conspired to defraud the bank by knowingly submitting and certifying fake gold ornaments to secure a substantial loan amount. Consequently, a case was registered at City Kotwali Police Station under Crime No. 88/24, invoking Sections 420 (cheating) and 120-B (criminal conspiracy) of the Indian Penal Code.
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Acting on the directions of Superintendent of Police Ankita Sharma (IPS), and under the supervision of Additional SP Pushpendra Nayak and City SP Alexander Kiron, a special team led by Station House Officer Inspector Nandkishore Gautam was constituted to trace the absconding accused.
Based on a tip-off, police apprehended Rajkumar Devkar from Durg on January 18, 2026. During interrogation, the accused reportedly confessed to his involvement in the offence. He was subsequently produced before the court and remanded to district jail, Rajnandgaon.
Police officials stated that efforts are ongoing to trace and arrest the main accused, Rajesh Lunia, and assured that he would be apprehended soon.
Sub-Inspector Dhaniram Narange, Assistant Sub-Inspector Israfil Khan, and Constable Devendra Brahmanakar played a key role in the successful operation.
