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

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

The protest, organised under the banner of the Andhra Pradesh Rythu Sangham, began with a rally from the Zilla Parishad office to the Collectorate. Raising slogans such as “Return our gold,” the affected farmers, small traders, artisans, and other account holders accused bank officials of misappropriating gold pledged against loans.

Addressing the gathering, Andhra Pradesh Rythu Sangham district secretary K. Srinivas alleged that 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 chalk pieces were allegedly found in place of the pledged gold,” he alleged, accusing bank officials of manipulating records and online accounts to conceal the fraud.

Mr. Srinivas described the incident as one of the biggest financial scandals in the district and criticised the bank authorities for their alleged negligence despite continuous protests by victims over the past 10 days. He demanded a comprehensive inquiry and immediate compensation for the affected customers.

Meanwhile, CPM district secretary R. Lingaraju extended support to the protestors and called for swift action. He stated that while the branch reportedly had around 2,600 gold loan accounts, only about 1,600 accounts had been verified so far. He alleged that gold weighing over 4 kg belonging to 82 customers was unaccounted for and expressed fears that the missing quantity could rise significantly once all accounts were examined.

Several protestors shared their experiences, alleging that the gold they had pledged was missing and demanding written assurances from senior Bank of Baroda officials regarding its recovery and return.