India, July 11 -- A gold appraiser at a non-banking financial company has been arrested for allegedly conspiring with others to create 683 fake gold loan accounts and secure loans exceeding Rs 3.81 crore using forged documents and artificial gold ornaments, according to the Economic Offences Wing (EOW) of Delhi Police. The arrest followed an investigation into the suspected fraud.

The accused, Pankaj Kumar, was employed as a gold appraiser with a private company and was arrested on July 7 following the investigation. According to the EOW, the case was uncovered after the company's internal audit identified significant irregularities in its gold loan portfolio. Packets of pledged gold ornaments worth approximately Rs 14.11 lakh were missi...