₹4.12 crore gold theft at bank: Assistant Manager arrested for stealing pledged jewellery

Indian Bank assistant manager Kiran Kumar was arrested after stealing 2.787 kg of customers’ pledged gold from a Bengaluru branch locker to spend on online betting and gambling. Police investigation is underway.

In a shocking breach of trust, an assistant manager of Indian Bank has been arrested for stealing customers’ pledged gold jewellery worth ₹4.12 crore from a bank branch in Bengaluru. The accused, identified as Kiran Kumar, allegedly carried out the theft to finance his growing addiction to online betting and gambling.

The incident occurred at the Indian Bank branch located within the Girinagar police station limits, where Kiran Kumar was employed. According to the police, customers had pledged their gold ornaments at the bank as collateral for loans. The locker keys were accessible only to the manager and the assistant manager, giving the accused direct access to the stored valuables.

Taking advantage of moments when the branch manager was absent, Kiran Kumar reportedly removed small quantities of gold from individual packets over a period of time. By carefully extracting portions from multiple pledges, he ensured that the theft remained unnoticed initially.

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The crime came to light on February 2, when a customer visited the bank to redeem their pledged gold. During verification, the branch manager discovered that the jewellery was missing. A detailed internal inspection revealed discrepancies in several gold packets. Following this, the branch chief manager, Dilip Kumar, lodged a formal complaint at the Girinagar police station.

An FIR was registered, and during investigation, suspicion fell on Kiran Kumar. Upon questioning, he confessed to stealing a total of 2.787 kilograms of gold, valued at ₹4.12 crore. Police further revealed that the stolen jewellery had been pledged by the accused at Manappuram Finance and Muthoot Finance to raise cash.

The money obtained was allegedly spent on online betting platforms and gambling activities, leading to major financial losses. Police arrested Kiran Kumar and recovered crucial evidence. Further investigation is ongoing to determine if more gold is missing and to trace the financial trail.