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The police arrest one for stealing gold worth 2 million lei

Online Niel November 2, 2024

Hyderabad: Vikarabad police have arrested branch manager Vishal for allegedly stealing gold worth Rs 2 crore from a non-banking financial firm in Kerala that offers online gold loans. According to a complaint, he was accused of creating fake customer IDs and filing fraudulent loan applications.

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

According to Vikarabad SP K. Narayana Reddy, the company’s regional manager Ravindra Kumar reported a discrepancy during an audit conducted by his team in October. She suspected Vishal when he was not reachable.

When the officials opened the vault along with the auditor, they realized that 63 packages, containing about 2,944 grams of gold, were missing. Vishal along with junior assistants and an auditor conspired in this theft, the SP said.

The SP added, “Vishal was running the Vikarabad branch since July 2023. According to company regulations, customers were required to provide identification documents to take gold loans. Once a customer ID is established, subsequent loans are not offered without further referrals.” Vishal created fake identities and made fraudulent entries for gold worth Rs 2 crore.

It is suspected that the manager used the money for personal expenses and online gambling. The police recovered 83 grams of gold and Rs 10 lakh. Police are still investigating those who assisted Vishal. The SP said customers have nothing to worry about.