Police arrest one for gold theft of 2 million rupees

Hyderabad: Vikarabad police arrested branch manager Vishal for alleged theft of gold worth Rs 2 million from a Kerala-based non-banking financial firm that provides online gold loans. He was accused of creating false customer identities and recording fraudulent loan applications, according to the complaint.

Vishal disappeared with 63 gold packets worth Rs 2 crore. He was arrested in Narayanapur, Karnataka, on Friday.

According to Vikarabad SP K. Narayana Reddy, the company’s regional manager Ravindra Kumar reported a discrepancy during the audit conducted by his team in October. He was suspicious of Vishal when he was unreachable.

When the authorities opened the safe room with the auditor, they noticed that 63 packages containing approximately 2,944 grams of gold were missing. The SP said that Vishal along with his assistants and an auditor had conspired in this theft.

The SP added: “Vishal was managing the Vikarabad branch since July 2023. According to the company’s regulations, customers had to present an identity document to receive a gold loan. Once a customer ID is created, subsequent loans are provided without any further application.” Vishal created fake IDs and made fraudulent entries for gold worth Rs 2 crore.

The manager is suspected of using the money for personal expenses and online betting. Police seized 83 grams of gold and Rs 10 lakh in cash. Police continue to investigate those who helped Vishal. SP said customers need not worry.

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