Bank gold appraiser held for ₹10 crore jewellery theft in Eluru district
Police in Eluru district have arrested a bank gold appraiser for stealing 4.12 kg of gold ornaments worth ₹5.81 crore from a Bank of Baroda branch. The accused allegedly replaced pledged gold with imitation jewelry to misappropriate the original items.
Why it matters
The incident exposes vulnerabilities in bank security protocols regarding collateral management and the potential for internal fraud.
The Jangareddygudem police have unravelled a major gold theft at the Bank of Baroda branch in Jangareddygudem in Eluru district, arresting a gold appraiser and recovering 4.120 kg of gold ornaments worth about ₹5.81 crore.
Addressing a press conference on Friday, Superintendent of Police K. Pratap Shiva Kishore said the accused, Chalapaka Raju, allegedly replaced gold ornaments pledged by customers with imitation jewellery and other materials before misappropriating the originals.
The investigation revealed that the accused had tampered with gold pledged under 176 loan accounts, cheating both the customers and the bank.
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