A deputy manager of a bank has been arrested for allegedly misappropriating 2,780 grams of gold ornaments belonging to customers and unlawfully mortgaging them, with the total value estimated at over ₹3.5 crore, police said on Saturday.
The alleged fraud surfaced after the bank’s chief manager lodged a complaint at Girinagar police station on February 5.
Gold Removed From Lockers, Pledged To Finance Firm
According to the complaint, the accused allegedly removed customers’ gold ornaments from bank lockers without informing senior officials. The ornaments were then pledged with a private finance company.
Investigators said the accused bypassed internal protocols and misused his official position to carry out the transactions.
Proceeds Allegedly Spent On Online Betting
During the probe, police found prima facie evidence suggesting that the funds obtained by mortgaging the gold were allegedly spent on online betting.
“The accused deputy bank manager has been arrested in this case. We are trying to recover the gold. So far, about 700 grams have been recovered,” said Lokesh B Jagalasar, Deputy Commissioner of Police (South).
Legal Action Against Financiers Likely
Police said they were not receiving the desired cooperation from the finance company involved.
“We will move the court and initiate appropriate legal action against them. Further investigation is underway,” Jagalasar added.
Authorities have also urged customers to verify the safety and status of their valuables kept in bank lockers as the probe continues.
