Editor’s Note
This investigation into a gold loan scam at a Punjab National Bank branch in Rajasthan reveals systemic vulnerabilities and alleged misconduct by a bank manager. The case underscores the critical need for robust internal controls and transparent auditing processes within financial institutions to protect customer assets and maintain public trust.
A 6.5 crore rupee gold loan scam at Punjab National Bank (PNB) in Nawalgarh, Rajasthan, has now turned into a long chain of revelations. Bank Manager Amit Kumar Jangid is accused of betraying customers’ trust and using their gold to build his personal assets and business. In this scam, not only has the real gold gone missing, but information about the bank’s fake loans and benami property games has also come to light.
The scam began on January 28, 2026, when the responsibility of the strong room at PNB’s Nansa Gate branch in Nawalgarh was being handed over to the new deputy manager, Seema Mahla. During the inspection, it was discovered that the real gold was missing from 73 packets kept in the vault and fake jewelry had been placed in its place. A total of 4 kg 198 grams of gold had been stolen. The most shocking thing is that this vault was opened with two keys, the responsibility for which lay with the then manager Amit Kumar Jangid and deputy manager Anantprakash Chaudhary. This clearly means the scam happened under an internal conspiracy.
The investigation also revealed that Amit Jangid bought crores worth of property with the money from the stolen gold. He not only bought land in the Nawalgarh and Seethal areas but also established a large dairy plant on them.
The scam was not limited to just gold. The investigation has also uncovered a major fake loan racket. Loans were issued in the names of people recorded in bank records, who had no real existence. This also reveals that the manager embezzled funds in the name of government schemes.
In this case, the police have registered a case against Amit Jangid, deputy manager Anantprakash Chaudhary, and BC operator Santosh Kumar. Preliminary investigation estimates that the total amount of the scam could reach up to 10 crore rupees.
Customers are now worried about the safety of their gold jewelry and loan repayments. Bank administration has ordered a thorough investigation into the matter and has also started reviewing the vault records and fake loan documents in collaboration with SBI and RBI officials. Local people and bank customers are stunned by this scam. This incident in Nawalgarh raises questions about the trustworthiness and security of the banking system.
The police are now investigating the manager and his associates’ benami investments. They are looking into how the properties and dairy plant bought with the gold money are registered in their names or someone else’s. At the same time, investigations into fake loans and embezzlement of government schemes are underway. Initial investigation hints that other people might also be involved in the scam, who could be summoned soon.
Banking security experts say this is a classic case of internal fraud.
RBI and bank administration also need to improve the system so that customers’ trust remains secure in the future.
The PNB scam in Nawalgarh, Rajasthan, has made it clear how essential transparency and monitoring are in the banking system. Amit Jangid’s case is not just a personal scam but a serious challenge to customer trust and government security standards.
The investigation is ongoing and more revelations may come in the coming weeks. This case could serve as a warning for banking fraud and fake loan rackets.