In a brazen breach of trust, a deputy manager at a nationalized bank's Girinagar branch here has been arrested for allegedly stealing 2,780 grams of pledged gold ornaments valued at over Rs 3.5 crore to fuel his online betting habit. The scam came to light on February 5 when the branch's chief manager filed a police complaint after customers reported issues redeeming their gold collateral. Investigations revealed that 34-year-old Kiran Kumar had secretly accessed customer lockers, removed the gold, and pawned it at private lenders including Manappuram and Muthoot Finance to fund his gambling losses.

Girinagar police acted swiftly, apprehending Kumar who confessed to the theft during interrogation. So far, they've recovered around 700 grams of the stolen gold, but face hurdles as some finance companies are reluctant to cooperate fully. "We're ready to approach the courts if needed," said Deputy Commissioner of Police (South), Lokesh B. Jagalasar. Kumar, described as deeply addicted to online betting platforms, had been siphoning gold over several months without raising alarms until routine checks exposed the discrepancies.

This incident echoes past frauds, such as a 2023 case at Punjab National Bank where employees misused gold loans for personal gain. With India's gold loan market exceeding Rs 1 lakh crore as per recent RBI figures, experts are calling for enhanced audits, biometric locker access, and regular customer verifications to prevent insider threats.

Customers are advised to monitor loan statements closely and redeem portions periodically. DCP Jagalasar emphasized, "Vigilance is key—don't assume your gold is safe just because it's in a bank." Police continue their probe, with more arrests possible among the pawnbrokers involved. The bank has launched an internal inquiry to plug security gaps.