Surat: A private bank-appointed gold valuer and three customers have been booked for allegedly cheating a private bank by securing loans against fake gold jewellery using forged valuation certificates. The fraud, involving loans worth nearly Rs 10 lakh, came to light during an internal audit that found several pledged ornaments to be counterfeit. The complaint was lodged by Premsukh Mali, 32, branch manager of Shivalik Small Finance Bank’s Adajan branch. According to the FIR, the bank appointed Yogesh Soni as its authorised gold valuer a year ago to assess the purity, weight and value of jewellery pledged for gold loans.Police said Soni allegedly conspired with customers by certifying imitation jewellery as genuine gold, enabling them to obtain loans from the bank. Based on his valuation certificates, Hemal Patel secured a loan of Rs 3.79 lakh against 59.57gms of purported gold, Alpesh Kondhiya obtained Rs 3.50 lakh against 53.50gm and Ramesh Balar received Rs 2.71 lakh against 43gm of fake jewellery.The fraud surfaced during a bank audit in Sept 2025, when auditors found that several pledged ornaments were counterfeit. A preliminary inquiry revealed that all the fake jewellery was certified by Soni.Following the audit, the bank asked borrowers to repay their loans and reclaim the pledged ornaments. While most customers complied, three borrowers refused to repay the outstanding amount or collect their jewellery, prompting the bank to approach the police.Adajan police inspector NA Chavda said Yogesh Soni, 53, and Hemal Patel have been arrested, while efforts are underway to trace the remaining two accused. Preliminary investigations indicate that Soni allegedly charged a commission of Rs 25,000 to Rs 30,000 for each fake valuation certificate. Police suspect that loans worth around Rs 25 lakh were sanctioned on the basis of certificates issued by him. However, since most borrowers repaid their loans after the fraud surfaced, the complaint pertains to the remaining unpaid loans of about Rs 9 lakh.
