Assistant Manager of nationalised bank arrested for stealing ₹4 crore worth pledged gold to fund online betting

The assistant manager of a nationalised bank has been arrested for allegedly stealing nearly 2.7 kg of gold valuables from the bank lockers belonging to the customers at the bank’s Girinagar branch in Bengaluru and pledging them to use the proceeds for online betting and gambling.

The accused, identified as Kiran Kumar, 34, allegedly misused his access to the locker keys and, during the absence of the branch manager, began siphoning off small quantities of pledged gold over a period of time.

In 21 packets

The fraud came to light on January 2 when customers visited the Indian Bank branch to retrieve their pledged gold. During a verification of lockers, discrepancies were noticed in several packets. A detailed inspection revealed that gold ornaments were partially missing in 21 packets and completely missing in three packets.

Preliminary investigation found that 2,783 grams of gold, valued at around ₹4 crore, had been stolen.

During internal inquiry, Kiran Kumar allegedly confessed to the crime. Police said he pawned the stolen gold at different shops and used the money for online betting and gambling activities.

Partially recovered

Based on a complaint, a case has been registered at the Girinagar Police Station. The accused has been arrested, and about 1.2 kilos of gold has been recovered so far. Efforts are underway to recover the remaining gold valuables as the financiers are not cooperative and the police will approach the court concerned to get necessary directions in this regard, officials said.

DCP, South Division, Lokesh B. Jagalsar, requested bank customers to check their valuables from the lockers and deposits periodically to avoid such frauds.