A major breach of trust has surfaced at a branch of Indian Bank in Bengaluru, where a 34-year-old assistant manager, Kiran Kumar, was arrested for allegedly stealing pledged gold from customer lockers.
According to police, the accused had authorized access to locker keys and is suspected of removing small quantities of gold over an extended period. Investigators believe the thefts primarily occurred when the branch manager was not present.
Discrepancies Detected During Verification
The issue came to light on January 2 when customers visited the branch to retrieve pledged gold ornaments. During routine verification procedures, staff reportedly noticed irregularities in sealed packets.
Further inspection revealed that gold items were partially missing from 21 packets, while three packets were allegedly found empty. Preliminary estimates suggest approximately 2,783 grams of gold, valued at nearly ₹4 crore, may have been misappropriated.
Police Investigation and Arrest
Following the discovery, bank officials alerted authorities. Police registered a case and launched an investigation into the suspected internal fraud. The accused was later apprehended for questioning.
Officials stated that the investigation is focused on determining the timeline of the alleged theft, whether others were involved, and how internal safeguards failed to detect the discrepancies earlier.
Breach of Trust Raises Concerns
The incident has raised serious concerns about internal monitoring mechanisms in financial institutions. Banks typically maintain dual-control systems and periodic audits for locker operations, particularly for pledged gold loans.
Authorities are examining whether procedural lapses or oversight failures enabled the alleged misappropriation. Recovery efforts are also underway to trace the missing gold.
Current Status
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Police have confirmed:
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Approx. 2.7 kg gold allegedly missing
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Estimated value around ₹4 crore
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Accused assistant manager arrested