PNB Gold Loan Fraud: Suspended Manager Amit Jangid Arrested in Multi-Crore Scam

• Amit Jangid, the suspended branch manager of PNB Nawalgarh, was arrested from Mathura, Uttar Pradesh, in connection with a multi-crore gold loan scam.
• Banking Correspondent Santosh Saini was also arrested, with police suspecting collusion between the two in defrauding the bank of approximately 6.5 crore rupees.
• The scam involved replacing real gold with fake ornaments in 73 collateral packets, leading to 4.198 kg of gold jewelry going missing.
• Investigations revealed that gold loans were issued multiple times on the same gold ornaments, and fraudulent valuations were conducted.
• The entire PNB Nawalgarh branch has been suspended, and an internal audit is ongoing, with more arrests, including Deputy Manager Anantprakash Chaudhary, expected.