3 Bank Employees Pilfer 10.5 kg of Pledged Gold To Invest In Share Market, End Up In Jail

Vijayawada: An SBI bank head clerk and two others, who duped the bank customers by using pledged gold to secure loans and investing the amount so got in the share market, were arrested at Gayatrinagar branch on Wednesday.

Krishna Chaitanya, the head clerk of the SBI Gayatrinagar branch, used the gold pledged by those who took gold loans from his bank, pledged it in Manappuram Finance Ltd to secure a loan for himself. He used the money from the Manappuram Finance to invest in share market. He had so far taken out 10.5 kg of gold this way and invested in the share market.

However, his game was up when he lost heavily in the share market and couldn't get back the gold pledged with the Manappuram Finance.

Meanwhile, SBI loanees, who paid back their loan amounts, wanted to take back the gold. On finding that the gold was missing from the lockers, the bank officials were alarmed and immediately alerted the police.

The police, who investigated the case, found out from the CCTV footage that Krishna Chaitanya and two others had pilfered the gold. The police have also arrested Dileep Kumar and Phani Kumar, both working in the same branch, for colluding with him in stealing the gold. All the three accused are cooling their heels in the police station and a case has been registered against them.