Bank Assistant Manager arrested for stealing gold to fund online betting

Bank assistant manager in Bengaluru stole 2.7 kg gold worth ₹4 cr to fund online betting. Police arrested him, recovering 1.2 kg so far

An assistant manager of a nationalised bank in Bengaluru has been arrested for allegedly stealing pledged gold worth nearly ₹4 crore to finance online betting and gambling. The accused, Kiran Kumar, 34, was employed at the Girinagar branch of Indian Bank and reportedly misused his access to locker keys to siphon off gold valuables over time.

The fraud came to light on January 2 when customers visited the branch to retrieve their pledged ornaments. During verification, discrepancies were found in several packets, prompting a detailed inspection. Investigators discovered that gold was partially missing in 21 packets and completely gone in three, amounting to 2,783 grams in total.

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Internal inquiries revealed that Kumar had pawned the stolen gold at multiple shops, using the proceeds for gambling activities. He later confessed to the crime. Following a complaint, Girinagar Police registered a case and arrested him. Authorities have so far recovered about 1.2 kilograms of gold, while efforts continue to trace the remaining valuables. Police officials noted that financiers have been uncooperative, and they plan to seek court directions to recover the rest.

The incident has raised concerns about internal security and monitoring within banks. Officials stressed the importance of customers periodically checking their pledged valuables to prevent such frauds. The case highlights how misuse of access and lack of oversight can lead to significant financial losses and erode trust in banking institutions.

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