Three Bank of Baroda officials held for gold-loan racket in Jangareddygudem
Police in Eluru district have arrested three Bank of Baroda officials for their alleged involvement in a gold loan fraud. The suspects reportedly colluded with a gold appraiser to replace genuine gold ornaments with fake ones in bank lockers.
Why it matters
The incident highlights internal security risks and corruption within the banking sector, impacting customer trust and financial safety.
Police have arrested three officials of the Bank of Baroda (BOB) for allegedly misusing their official powers and committing irregularities in gold loan accounts at the bank’s Jangareddygudem branch in Eluru district.
The arrested officials were Kumarapu Bhaskar Rao, then branch manager, T. Ajay Babu, joint manager, and J. Sairaj, credit officer, Eluru district Superintendent of Police K. Pratap Shiva Kishore said.
Earlier, the police had arrested gold appraiser Chalapaka Raju and recovered about 4.120 kg of gold ornaments and ₹10 lakh in cash from his possession, Jangareddygudem Deputy Superintendent of Police B.H. Venkateswarlu said.
The investigation had established the involvement of the bank officials in the alleged racket and evidence had been gathered in this regard, Mr. Venkateswarlu said.
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