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Betting on customers’ gold: How a Bengaluru bank manager siphoned Rs 4.12 crore for online gambling
The Bengaluru police said assistant manager Kiran Kumar confessed to stealing small quantities of gold whenever the branch manager was absent.
The accused allegedly misused his access to locker keys and, during the branch manager's absence, gradually removed small quantities of pledged gold (Image generated using AI).
A 34-year-old assistant manager of a national bank’s Girinagar branch has been arrested for allegedly siphoning off nearly 2.7 kg of gold from customers’ lockers and pledging it to fund online betting and gambling, the Bengaluru police said Saturday.
The accused, Kiran Kumar, allegedly misused his access to locker keys and, during the branch manager’s absence, gradually removed small quantities of pledged gold.
The fraud came to light on January 2, when customers returned to redeem their pledged jewellery. The customer complained to the bank officials. A verification of lockers revealed discrepancies in 24 packets, while 21 were partially emptied, three were completely missing. Preliminary investigation estimated that 2,783 grams of gold, worth around ₹4 crore, had been stolen.
The bank launched an internal inquiry, and during it, Kiran Kumar allegedly confessed to stealing the jewellery. Police said he had pawned part of the stolen gold at multiple shops and private finance firms, including Manappuram Finance and Muthoot Finance, using the majority of the proceeds for online gambling.
“Kiran Kumar had access to the locker keys only along with the branch manager. During questioning, he admitted to stealing small quantities over time to avoid suspicion,” said Deputy Commissioner of Police (South), Lokesh Jagalasar.
So far, police have recovered around 1.2 kg of gold, and the accused has been taken into custody. “Some of the finance companies are not cooperating fully. We will be approaching the court to obtain necessary directions to recover the remaining gold,” Jagalasar added.
The DCP also advised bank customers to remain vigilant. “Customers pledging gold should regularly verify their locker documents and ensure transparency in gold loan transactions. This is the best safeguard against insider fraud,” he said.
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A case has been registered at the Girinagar police station, and further investigation is ongoing.
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