SBI Service Manager arrested for stealing gold worth ₹3 crore

The police said the branch had given gold loans worth ₹ 1.94 crore — around 65% of the value of the mortgaged gold ornaments and the jewellery was kept in the locker which was opened only with the help of two keys

MUMBAI: A 33-year-old service manager working with the State Bank of India’s personal banking branch in Mulund West has been arrested by the Bhandup police for allegedly siphoning off about 4 kg gold jewellery worth around ₹3 crore from the bank locker.

The SBI Personal Banking Branch whose 33-year-old service manager working has been arrested by the Bhandup police for allegedly siphoning off about 4 kg gold jewellery worth around ₹3 crore from the bank locker (Satish Bate/ HT Photo)

The police said the branch had given gold loans worth ₹ 1.94 crore — around 65% of the value of the mortgaged gold ornaments and the jewellery was kept in the locker which was opened only with the help of two keys.

The accused Manoj Maruti Mhaske, 33, is a resident of Raheja Township, Malad East who is a native of Nanded in Marathwada.

A case was registered based on a complaint lodged by Amit Kumar, who works as an administrator with the Mulund Branch of SBI Personal Banking Branch located at Runwal Greens in Nahur.

“According to the complaint given by Kumar, when a customer approaches them for a gold loan, after checking the gold for its authenticity it is kept in the lockers and a loan is given to the extent of 65% of the value of the mortgaged gold. The lockers have two keys and can be opened only by inserting both the keys, one of which remains with the service manager and the other with Sweta Sohani, who works as cash in-charge at the branch,” said a police officer.

“On 27th of February, as Mhaske was on leave Kumar looked after the locker and even filed a note in the Core Banking System (CBS) about it. In the evening around 5 pm when Kumar went to deposit cash and jewellery in the locker, he found that several gold jewellery packets were missing. When he properly checked the documents, there were 63 gold loans had been given by the branch, but he found only 4 packets of gold were in the locker and the remaining 59 were missing,” said the police officer.

When Kumar called Mhaske to inquire about the packets he told him he had taken the 59 packets of gold for his personal use, and he had mortgaged the gold or even sold the gold but will return it in the next seven days. After talking to the senior officials, Kumar came to the police station to register an offence and Mhaske was arrested,” said the police officer.

The police said a total of 4 kgs of gold was missing that was valued as per market rate around ₹3 crore. The accused has been arrested under section 409 (criminal breach of trust by public servant or banker, etc.) of the Indian Penal Code.