Bank Of Baroda Appraiser Arrested In Rs 1.45-Crore Gold Loan Fraud In Andhra

The Andhra Pradesh's Kakinada police arrested a 59-year-old gold appraiser in connection with an alleged gold loan fraud at the Bank of Baroda branch located on the premises of the Government General Hospital (GGH) and recovered 1.021 kg of gold jewellery valued at approximately Rs 1.45 crore.

The accused allegedly misused gold ornaments pledged against 44 gold loan accounts.

Investigators estimated the total quantity of gold allegedly misappropriated at 1,056.90 grams, of which 1,020.53 grams has been recovered.

The accused was identified as Narava Suribabu, 59, a resident of Cheediga village in Kakinada Rural Mandal, who worked as a gold appraiser at the bank.

Preliminary investigations revealed that the accused, Suribabu, allegedly stole ornaments pledged by customers for gold loans and replaced the original jewellery with imitation trims, which were kept in place of the genuine gold.

The fraud came to light following a complaint by the bank's branch manager; a case was registered under Section 316(4) of the Bharatiya Nyaya Sanhita (BNS), relating to criminal breach of trust.

Based on police, Suribabu was identified and arrested Suribabu on October 10 and recovered the jewellery from his possession.

Kakinada Superintendent of Police G. Bindu Madhav said the investigation has resulted in the recovery of gold worth Rs 1.45 crore.

''Of the 1,056.90 grams of gold allegedly misappropriated, 1,020.53 grams have been recovered, leaving 36.37 grams yet to be accounted for,'' SP said.

Police are continuing their investigation to establish the full circumstances of the alleged fraud and determine whether any further action is required.

The accused has been sent to judicial custody and further investigation is on.