In the wake of the multi-crore gold loan fraud uncovered at Punjab National Bank’s Nansa Gate branch in Nawalgarh, distressed customers continue to throng the bank premises, seeking clarity on the fate of their pledged jewellery and loans fraudulently raised in their names. With anxiety running high, the bank has attempted to reassure affected borrowers, stating that no genuine customer will face a financial loss.
Sudhir Kumar Sahu, Assistant General Manager of PNB’s Regional Office in Hanumangarh, addressed several concerns surrounding the scam, which allegedly involves the embezzlement of gold worth over ₹6.5 crore.
No Fixed Timeline, But Claims Process to Begin Soon
According to Sahu, the bank’s senior management, investigation teams, and local staff are jointly working to complete the probe at the earliest. While no specific timeline has been committed for claim settlements, he said that the matter is being taken up at the highest level, with special meetings underway to ensure swift resolution and compensation for affected customers.
Possibility of Jewellery Recovery or Monetary Compensation
Clarifying apprehensions regarding missing gold, the AGM stated that not all pledged jewellery has been stolen. If the police succeed in recovering the gold, it will be handed over to the bank through court orders. After proper identification by customers and verification with bank records, the ornaments will be returned.
However, if recovery is not possible, customers will be compensated for the full value of their gold in accordance with the bank’s prescribed norms. He also noted that even if the gold is recovered, its original form may have been altered, making exact restoration impossible in some cases.
Special Counter Set Up, Branch Fully Engaged
To handle the influx of queries, the branch has set up a special counter where officers are examining records and interacting with customers. Those customers whose pledged gold is found intact and matches bank records can repay their outstanding loan amounts and immediately retrieve their jewellery.
Fraudulent Loans in Customers’ Names Under Investigation
On the issue of fake loans allegedly taken in customers’ names, Sahu confirmed that a detailed internal investigation is in progress. Any clarity on responsibility and relief measures will emerge only after the final investigation report is submitted.
FIR Lodged by Bank, Customers Free to File Complaints
The bank has already lodged an FIR, as the fraud was primarily committed against the institution. However, customers who feel personally aggrieved are free to approach the police individually and file their own complaints, following which action will be taken as per law.
Recovery from Accused and Action Against Officials
PNB has stated that once the investigation concludes, recovery proceedings against the accused will be initiated as per banking and legal procedures. For accounts turning non-performing, legal recovery action will follow. Departmental proceedings will be initiated against erring officials, and criminal action will be pursued wherever applicable.
Gold Loan Operations Suspended at Nansa Gate Branch
Following the detection of fraud, gold loan disbursal at the Nansa Gate branch has been suspended until the investigation is completed. However, PNB has clarified that gold loan services continue normally at its Ghoomchakar Nawalgarh branch.
Bank Appeals for Trust
Appealing to customers to maintain confidence, Sahu emphasized that Punjab National Bank is highly sensitive about its credibility. Senior officials are making regular visits, and a high-level investigation team led by a Chief Inspector has been deployed. He reiterated that genuine customers will not suffer any financial loss and advised borrowers to approach banks directly for loans instead of relying on intermediaries.
As investigations continue, hundreds of affected families await closure, hoping either for the return of their heirloom jewellery or fair compensation for their loss.
