Bengaluru: An assistant manager at a nationalised bank branch has been arrested for allegedly stealing nearly 2.7 kg of gold ornaments from customer lockers and pawning them to finance online betting and gambling activities. Police said the accused misused his authorised access to locker keys and gradually siphoned off pledged jewellery over an extended period when senior officials were not present.
Assistant manager held in locker gold theft case
The accused has been identified as Kiran Kumar (34), who was working as an assistant manager at a branch of Indian Bank in the city. According to investigators, he had operational access to pledged gold packets and locker systems as part of his official responsibilities.
Police said he allegedly exploited procedural gaps and internal trust to remove small quantities of gold ornaments at different times, ensuring that the shortage did not become immediately noticeable.
The theft came to light only after multiple customers visited the branch to retrieve their pledged jewellery and irregularities were noticed during verification.
Discrepancies found during locker verification
The fraud surfaced on January 2 when customers approached the branch to release their pledged gold ornaments. During routine locker packet verification, staff reportedly noticed discrepancies in weight and contents.
A detailed inspection was then conducted across pledged packets. Officials found that ornaments were partially missing from 21 packets and completely missing from three packets.
Preliminary assessment indicated that about 2,783 grams of gold had been stolen. Based on prevailing market rates, the value of the missing ornaments is estimated at around Rs 4 crore.
Bank authorities escalated the matter internally and later filed a formal complaint with the police after confirming the discrepancies.
Gold allegedly pawned to fund online gambling
Following the complaint, police registered a case and launched an investigation. Kiran Kumar was taken into custody for questioning. During initial enquiry, he allegedly confessed to removing and misappropriating the gold ornaments.
According to police sources, he pawned the stolen gold at multiple private finance and jewellery establishments to raise funds. Investigators believe the money obtained through pledging and resale was used primarily for online betting and gambling.
Officers are now tracing the money trail, including digital payment records, betting platform transactions and pawn receipts, to map how the funds were used and whether any other persons were involved.
Partial recovery made, more seizures likely
Police said that so far nearly 1.2 kg of gold has been recovered from various financiers and shops where the accused had allegedly pledged the ornaments. Efforts are ongoing to trace and recover the remaining gold.
Investigators added that some financiers and intermediaries are yet to fully cooperate with the probe. In such cases, police may move the court seeking directions to compel document production and property disclosure.
Search and seizure operations are continuing at identified locations linked to the pledging transactions.
Internal controls and oversight under review
Banking and investigation sources said the case has raised serious concerns about internal controls in gold loan and locker handling processes. Senior bank officials are understood to have begun an internal audit to determine how the alleged misappropriation continued without early detection.
Key focus areas include dual-control mechanisms, packet sealing procedures, audit frequency and supervisory checks when branch managers are absent.
Experts note that gold loan packets are typically subject to strict documentation and joint custody norms, and any deviation or lax enforcement can create vulnerability.
Customers advised to verify pledged assets
Police and banking officials have advised customers who have pledged gold or stored valuables in lockers to periodically verify records, acknowledgements and packet details.
Customers have been urged to keep copies of pledge receipts, weight certificates and photographs where possible, and to promptly report any mismatch in released items.
Authorities said further arrests are not ruled out if evidence emerges of collusion or negligence by other staff or external handlers.
Investigation continues
Police confirmed that the accused has been remanded as per procedure and further custodial questioning may be carried out. Digital forensics, financial tracing and recovery proceedings are underway.
Officials said the case highlights the growing link between financial distress caused by online betting habits and white-collar crime within trusted institutions. A detailed chargesheet will be filed after completion of recovery and forensic accounting.