Bank Fraud Unveiled: Deputy Manager's Golden Gamble

A bank's deputy manager was arrested for misappropriating 2,780 grams of customers' gold, valued at over Rs 3.5 crore. The fraud was uncovered after a complaint revealed he had mortgaged the gold for personal gain. Investigations continue to recover the remaining gold.

A senior official at a bank has been arrested on charges of misappropriating customers' gold ornaments, valued at over Rs 3.5 crore. The deputy manager is accused of unauthorizedly mortgaging 2,780 grams of the precious metal.

The alleged financial misconduct was brought to light following a complaint by the bank's chief manager to the Girinagar police station on February 5. According to authorities, the accused had reportedly removed the gold from bank lockers and pledged it with a finance company, diverting the proceeds towards online betting.

Deputy Commissioner of Police (South), Lokesh B Jagalasar, confirmed the arrest and noted that efforts are ongoing to reclaim the misused assets. Approximately 700 grams of gold have been recovered, but cooperation with financiers has been limited, prompting potential legal actions.

(With inputs from agencies.)