Protesters seek return of gold pledged in Bank of Baroda ‘loan scam’

People are protesting outside the Eluru Collectorate against the alleged gate loan scam that took place at the Bank of Baroda branch in Jangareddygudem on Monday. | Photo credit: HANDOUT

Victims of the alleged gold loan scam at Bank of Baroda’s Jangareddygudem branch staged a protest at the Eluru Collectorate on Monday, demanding immediate justice and the return of their promised gold ornaments.

Organized under the banner of Andhra Pradesh Rythu Sangham, the protest began with a rally from the Zilla Parishad office to the Collectorate. Aggrieved farmers, petty traders, artisans and other account holders who raised slogans like “Return our gold” accused the bank officials of misappropriating the gold pledged for loans.

Addressing the gathering, District Secretary of Andhra Pradesh Rythu Sangham K. Srinivas said customers who had pledged gold for agricultural and family needs were shocked to learn that their ornaments were missing from the bank’s custody. “Iron objects and pieces of chalk were allegedly found at the site of the pawned gold,” he claimed, accusing bank officials of manipulating records and online accounts to cover up the fraud.

Describing the incident as one of the biggest financial scandals in the district, Mr. Srinivas criticized the banking authorities for their alleged negligence despite continuous protests by the victims in the last 10 days. He demanded a comprehensive investigation and immediate compensation for affected customers.

Meanwhile, CPM district secretary R. Lingaraju supported the protesters and called for swift action. He said that while the branch reportedly had around 2,600 gold loan accounts, only about 1,600 accounts have been verified so far. He claimed that gold weighing more than 4 kg belonging to 82 customers was unaccounted for and expressed concern that the missing amount could increase significantly once all the accounts are scrutinized.

Several protesters shared their experiences, claiming that the gold they had promised was missing and demanded a written assurance from senior officials of the Bank of Baroda regarding its recovery and return.

Published – 15 Jun 2026 19:26 IST