Assistant Manager at Indian Bank Accused of Massive Gold Theft in Bengaluru
In a shocking case of financial fraud, an assistant manager at a public-sector bank in Bengaluru has been arrested for allegedly stealing approximately 2.7 kilograms of gold ornaments from customer lockers. The stolen gold, valued at over Rs 4 crore, was reportedly used to fund the accused's online gambling activities.
Details of the Theft and Investigation
The accused, identified as Kiran Kumar E, was attached to the Girinagar branch of Indian Bank. The theft came to light on February 2, when a female customer who had closed her gold loan and was retrieving her pledged ornaments discovered several items missing. This prompted an immediate internal investigation by bank authorities.
Based on a formal complaint filed by the bank's chief manager, Dileep Kumar, police have registered a case against Kiran Kumar under Section 316 of the Bharatiya Nyaya Sanhita (BNS), which pertains to criminal breach of trust. The complaint detailed how the bank conducted a thorough stock verification of 207 packets containing gold ornaments pledged against loans over the past year.
Extent of the Fraud Uncovered
During the verification process, bank officials found that 24 packets had been tampered with. Upon closer examination, they discovered that:
- Gold from three packets had completely vanished
- Gold ornaments from the remaining 21 packets were partially missing
- The total weight of stolen gold amounted to approximately 2.7 kilograms
- The estimated value of the stolen articles exceeds Rs 4 crore
During the internal inquiry, Kiran Kumar confessed to stealing the gold ornaments between June 2025 and January 2026. He reportedly exploited his position as assistant manager, as only the manager and assistant manager had access to the keys for the separate lockers where pledged gold ornaments are stored.
Recovery Efforts and Police Investigation
An investigating officer revealed that Kiran Kumar had pledged the stolen ornaments with various private finance companies to obtain money. "We have successfully recovered around 1.2 kilograms of gold from these firms," the officer stated. "However, some companies are not cooperating with our investigation, and we are approaching the court for necessary intervention."
The officer further explained the modus operandi: "Misusing his official authority, Kiran gained access to these lockers and stole the gold gradually, part by part. He primarily targeted lockers that had remained unattended for extended periods."
Bank Security Concerns and Customer Advisory
This incident has raised serious questions about security protocols in banking institutions, particularly regarding access controls for valuable assets. Police have issued an advisory urging customers who use locker facilities—whether for personal storage or for pledging against loans—to conduct periodic checks on their stock.
The case highlights the vulnerabilities in current banking security systems and serves as a cautionary tale for financial institutions to strengthen their internal controls and monitoring mechanisms. As the investigation continues, authorities are working to recover the remaining stolen gold and ensure appropriate legal action is taken against all parties involved in facilitating the fraud.
