Chhatrapati Sambhajinagar: A major fraud worth Rs 7.3 crore — involving misappropriation of gold ornaments and substitution with fake jewellery — has been uncovered at a Canara Bank branch in Badnapur, prompting the police to register a case against a bank officer, the branch manager and a gold appraiser. Two of the accused have been arrested, the police said.
The fraud came to light during the bank's routine quarterly revaluation of gold loan packets, following which a complaint was lodged by assistant general manager Keshavamurthy B V at the Badnapur police station. During the inspection conducted on April 22, officials found several pledged gold packets containing fake jewellery, while some packets were missing altogether.
The police said investigations revealed that 22 gold loan packets contained fake jewellery valued at Rs 3.8 crore, while 30 gold packets worth Rs 3.5 crore were missing from the strong room, taking the total fraud value to Rs 7.3 crore. Examination of CCTV footage revealed serious irregularities.
According to the police, footage from April 23, around 11:20 am, allegedly shows a bank officer removing gold packets from the strong room and concealing them in his pockets. This bank officer is accused of directly carrying out the theft.
The branch manager allegedly violated security protocols by allowing the bank officer access to the strong room without proper supervision. Meanwhile, the gold appraiser is accused of certifying fake ornaments as genuine, thereby facilitating the fraud, police said.
An offence has been registered against the three accused under relevant sections of the Bharatiya Nyaya Sanhita.
Jalna superintendent of police Ajaykumar Bansal said, "The case appears to involve criminal breach of trust and internal collusion. Two accused have been arrested, and the probe is continuing to ascertain the full extent of the fraud."
Additional SP Ayush Nopany said investigators are focusing on tracing the financial trail and recovering the missing gold. "We are verifying the records, CCTV footage and bank procedures to identify lapses and involvement of other people, if any," he said.
Badnapur inspector Machindra Survase, who is leading the investigation, said, "We are examining all angles, including procedural violations and possible conspiracy. Strict legal action will be taken against those found involved."
Police said further arrests are likely as the investigation progresses, while the bank has initiated internal action and recovery proceedings.
