The Girinagar Police have arrested a Assistant Bank Manager of Indian Bank for stealing a huge amount of pledged gold in a shocking breach of trust and wake-up call for the bank customers. The accused, Kiran Kumar, was alleged to have stolen almost 2.787 kg of gold ornaments worth about ₹4.12 crore to feed his addiction to online betting.
The Modus Operandi: A Stealthy Theft
Kiran Kumar was employed at the Girinagar branch of Indian Bank. He worked as the Assistant Manager and accessed the gold locker keys of the bank with the Branch Manager.
- Strategy: Kiran would systematically open and extract small amounts of jewelry from the locker by removing it from sealed packets pledged by customers in the absence of the Manager.
- The Disposal: In an effort to turn the gold into cash quickly, he reportedly re-pledged the ornaments at private gold loan firms, including Manappuram Finance and Muthoot Finance.
- The Motive: Investigations discovered that Kiran had become ensnared by heavy losses in online gambling and betting, falling into a debt trap. He tried to recover his gambling losses by using the stolen money.
How the Scam Unraveled
February 2, 2026: The multi-crore fraud came to light when a customer visited the branch to close their loan and regain their pledged gold.
- Missing ornaments: As the Branch Manager, Trupti, attempted to fulfill the request by opening the locker, she was astonished at the missing jewelry in the packet.
- Internal Inspection: Upon recognizing foul play, a comprehensive look at other gold packets was conducted, with a preliminary inspection finding that, for the entire gold supply alone, 2,787 grams have been tampered with or stolen.
- Police Complaint: The bank’s Chief Manager, Dilip Kumar, lodged a formal complaint at Girinagar Police Station.
Police Action and Recovery
The Girinagar Police registered an FIR and promptly zeroed in on Kiran Kumar. The suspect confessed to the crime under interrogation.
- Arrest: Kiran Kumar was taken into custody according to the authorities.
- Recovery: Police are recovering the gold which had been stolen because the assets were sent to private finance companies where the accused had transported the assets.
- Investigatory probe: Authorities are also investigating if any other members of staff were implicated or if the bank had not put in place any daily security practices.
For Customers: Experts say customers should make sure to double check the bank’s clear, tamper-proof seal on their pledged gold before pledging it, and check regularly if they have an active account through official banking apps or statements.
