Bank of Baroda appraiser held for replacing 1.2 kg gold with imitation jewellery in Kakinada
A gold appraiser at a Bank of Baroda branch in Kakinada was arrested for replacing 1.2 kg of pledged gold with imitation jewelry. The suspect allegedly committed this fraud across 44 different loan accounts.
Why it matters
The incident highlights vulnerabilities in banking security protocols regarding collateral management and internal fraud.
The Kakinada police on Saturday arrested Narava Suribabu (59), a gold appraiser at the Bank of Baroda’s Kakinada branch, and recovered 1.2 kg of gold jewellery worth ₹1.45 crore from him.
Suribabu, a native of Cheediga village in Kakinada rural mandal, allegedly replaced gold jewellery pledged against 44 gold loan accounts with imitation jewellery and absconded. The alleged fraud came to light recently. He worked at the bank’s branch near the Government General Hospital in Kakinada city.
“Gold jewellery worth ₹1.45 crore was recovered from Suribabu on Saturday. The investigation is on,” Kakinada Superintendent of Police G. Bindhu Madhav said.
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