Banker Embezzles Rs 2.5 Crore Pledged Gold in Online Betting; Probe Underway
"The accused used to bet around Rs 5 lakh daily at online casinos. His addiction seems to have driven him to misuse the bank's gold reserves,” a senior police official said, on the condition of anonymity.
Tirupati: The Union Bank of India’s Nagalapuram branch gold loan scam has taken a shocking turn with revelations that the accused assistant manager, Arava Suryatej, allegedly squandered the embezzled gold in online betting. Investigation outcomes reveal that Suryatej, addicted to online casinos, bet a staggering Rs 2.5 crore in just 50 days.
According to sources, Suryatej’s involvement in online betting spiraled and went out of control as he lost his salary to gambling. Desperate for more money, he allegedly began misusing the gold pledged by account holders at the bank. He reportedly pawned the jewellery of 30 account holders at local pawn shops and private finance companies, securing over Rs 1.04 crore. Simultaneously, he used benami accounts to re-pledge gold from 37 other customers within the bank, amassing an additional Rs 1.31 crore.
"The accused used to bet around Rs 5 lakh daily at online casinos. His addiction seems to have driven him to misuse the bank's gold reserves,” a senior police official said, on the condition of anonymity.
The scam came to light during an audit on February 10, when an officer from Puttur accompanied Suryatej to the bank. Sensing the impending discovery of his bungling, Suryatej reportedly attempted to bribe the audit officer by offering a "cut from the gold proceeds" if he turned a blind eye to the irregularities. However, the officer immediately alerted senior bank officials, prompting a full investigation.
Following a complaint from Tirupati regional deputy general manager Brahmaiah, a case was registered against both Suryatej and branch manager Sekhar Thiruvaraj at the Nagalapuram police station. “We are probing the matter from all angles, and the role of the branch manager is also under scrutiny,” said Nagalapuram sub-inspector, P. Sunil.
Meanwhile, worried customers have begun queuing up, demanding confirmation about their pledged gold. Bank officials have displayed a list of the 30 affected account holders on the notice board and assured that efforts are underway to recover the misappropriated jewellery. Meanwhile, 36 other account holders are anxiously awaiting updates about their gold.
Investigations are being supervised by Satyavedu circle inspector Murali, who has taken Suryatej into custody for questioning. CI Murali has urged customers, especially those listed among the 30 victims, to bring their gold loan receipts to his office for verification and cooperation with the ongoing inquiry. He assured that the investigation would be completed within the next few days, though recovering the gold may take additional time.
