An assistant manager at an Indian Bank branch in Bengaluru was arrested for allegedly stealing about 2.7 kg (2,783 g) of gold ornaments from customers’ lockers and pawning them to fund online betting and gambling.
Police arrested 34-year-old Kiran Kumar, who allegedly misused his exclusive access to locker keys in the absence of the branch manager to siphon gold over several months. Around 1.2 kg of gold has been recovered so far; investigators are trying to trace the rest and pursue legal action against non-co-operating financiers.
Gold Theft Uncovered During Routine Locker Checks
A shocking case of insider theft has come to light at the Girinagar branch of Indian Bank in Bengaluru, where a trusted assistant manager is accused of pilfering gold ornaments belonging to multiple customers.
The fraud was detected during a stock verification on January 2, when customers revisiting the bank to redeem pledged jewellery noticed missing items. Subsequent inspections showed 24 packets were tampered with – 21 packets partially emptied and three entirely missing – amounting to roughly 2,783 grams of gold valued at nearly ₹4 crore.
Police said Mr Kumar allegedly took advantage of periods when the branch manager was not present to open lockers, removing small amounts of gold at a time to avoid detection. Only the branch manager and assistant manager had access to the locker keys, raising questions about internal controls.
Deputy Commissioner of Police (South), Lokesh Jagalsar, confirmed that Mr Kumar “had access to the locker keys only along with the branch manager. During questioning, he admitted to stealing small quantities over time to avoid suspicion.”
How the Stolen Gold Was Used and Partial Recovery
According to police, the allegedly stolen gold was not kept in safekeeping but was pawned or mortgaged at various private finance firms and jewellery shops, with the proceeds channelled into online betting and gambling. Investigators are probing digital payment records, betting platform transactions and pawn receipts to trace where the money went and whether others were involved.
Despite ongoing efforts, authorities have recovered about 1.2 kg of gold so far. Police sources have expressed frustration over some financiers reportedly not cooperating fully, prompting plans to approach the court for directions to ensure recovery of the remaining gold.
The police case was registered after the chief manager filed a complaint under Section 316 (criminal breach of trust) of the Bharatiya Nyaya Sanhita at the Girinagar police station. Mr Jagalsar has advised customers using locker facilities to verify the contents of their valuables regularly and to ensure transparency in pledged gold transactions.
Timeline, Police Investigation and Wider Banking Concerns
Police investigations suggest the theft occurred over several months, from June 2025 to January 2026, as Mr Kumar allegedly removed gold gradually to avoid instant suspicion. This drawn-out pattern, police say, made the fraud harder to detect until discrepancies surfaced during a routine check
In the immediate aftermath, the bank launched an internal inquiry upon customer complaints, later leading to the police case. Investigators are also examining whether the banking branch’s supervision and verification practices were adequate and whether existing safeguards sufficiently prevent insider access abuses.
The incident has reignited concerns about locker security and internal fraud in banks. Experts point out that while banks are contractually not liable for locker contents under normal circumstances, internal access by officials must be tightly controlled and monitored to protect customer trust.
Voices from Customers and Law Enforcement
Many customers whose jewellery had been pledged against loans were left stunned by the discovery. One customer, who visited the branch to redeem her gold, reported discrepancies during verification which triggered the investigation.
While official statements have been limited, police have made it clear that the primary motive appears linked to Mr Kumar’s gambling addiction, reflecting broader concerns about the social impact of online betting platforms.
DCP Jagalsar told the press that police are gathering evidence not just on the stolen gold but also on how the financial proceeds were used, and they will pursue legal avenues where necessary – including possible action against financing entities that did not cooperate with recovery efforts.
The Logical Indian’s Perspective
This deeply troubling incident underscores a painful reality: when trusted custodians of public assets succumb to personal vices – from gambling addiction to financial recklessness – the ripple effects extend far beyond mere financial loss. For the families who entrusted their most precious possessions often heirlooms with sentimental meaning the violation cuts deep into emotional and psychological trust.
At a systemic level, this episode highlights the urgent need for rigorous internal controls, regular audits and independent oversight of bank locker access.
It also draws attention to the pervasive nature of online gambling and its potential to fuel destructive decision-making, even among educated professionals. Interventions that emphasise mental health support, responsible gambling awareness and ethical workplace cultures are critical to prevent such breaches in the future.
Banks and financial regulators must take this opportunity to re-examine and strengthen safeguarding frameworks including transparent logs, independent audits and technological checks that limit opportunity for misuse.
Meanwhile, customers should remain vigilant, understanding that trust must be paired with verification in safeguarding their valuables.
