📷 Image: Wikimedia Commons / Prime Minister's Office
Crime
Main suspect in ₹43.14 L fake‑gold loan fraud arrested in Kishangarh, Rajasthan
✍️ Amar Ujala · Rajasthan
🗓 17 Oct 2026, 01:15 PM
👁 11
Gandhinagar police station arrested Kailash Meghwal, alleged to have pledged counterfeit gold jewellery to secure a ₹43.14 million loan from Union Bank of India in Kishangarh.
The Gandhinagar police station in Rajasthan's Ajmer district announced the arrest of Kailash Meghwal, identified as the principal accused in a large‑scale fake‑gold loan scam. Meghwal was taken into custody after a two‑and‑a‑half‑year investigation by local authorities.
According to the police, Meghwal approached Union Bank of India’s Kishangarh branch, offering jewellery that was later proven to be counterfeit. Using the forged items as collateral, he secured a gold loan amounting to ₹43.14 million, a sum that raised suspicion when the repayment schedule was not met.
Investigators traced the fraudulent transaction back to Meghwal’s farm, where he was reportedly hiding. The arrest was made at the farm premises, and the seized items are being examined for authenticity. The case is now being forwarded to the district court for further legal action.
Police have urged the public to remain vigilant against similar schemes and have instructed banks to verify the authenticity of gold pledged as collateral more rigorously.
According to the police, Meghwal approached Union Bank of India’s Kishangarh branch, offering jewellery that was later proven to be counterfeit. Using the forged items as collateral, he secured a gold loan amounting to ₹43.14 million, a sum that raised suspicion when the repayment schedule was not met.
Investigators traced the fraudulent transaction back to Meghwal’s farm, where he was reportedly hiding. The arrest was made at the farm premises, and the seized items are being examined for authenticity. The case is now being forwarded to the district court for further legal action.
Police have urged the public to remain vigilant against similar schemes and have instructed banks to verify the authenticity of gold pledged as collateral more rigorously.