Deputy bank manager allegedly pledges customers’ gold ornaments worth crores to finance online gambling

A deputy manager of a bank was arrested for allegedly misappropriating and unauthorisedly mortgaging 2,780 grams of gold ornaments belonging to multiple customers, valued at over Rs 3.5 crore, police said on Saturday.

The alleged fraud was reported after the bank’s chief manager filed a complaint at Girinagar police station on February 5. Police said the deputy manager allegedly removed gold ornaments from customer lockers without informing higher authorities and pledged them with a finance company.

Officials said preliminary evidence indicates the accused spent the proceeds on online betting. Lokesh B Jagalasar, Deputy Commissioner of Police (South), stated, “The accused deputy bank manager has been arrested in this case. We are trying to recover the gold. So far, about 700 grams have been recovered.”


Police said they are not receiving full cooperation from financiers and will approach the court to take legal action. The investigation is ongoing. Customers were advised to verify the safety and status of their locker contents.