2 weeks ago
700 Grams of Pledged Gold Jewellery Missing From Indian Bank
People sometimes give gold jewellery to a bank to keep it safe while they borrow money.
The bank keeps the gold and returns it when the loan is paid back.
At a bank in Mahabubabad, about 700 grams of that gold went missing.
Bank officials found out during an audit, which is when they carefully check their records.
The bank's assistant manager and five other employees are suspected of taking the gold.
Police found some of the gold at the assistant manager's home.
Some gold was also reportedly given to another company called Manappuram Gold Loan.
Police are now trying to figure out how the gold was taken out of the bank.
People who kept their gold at this bank came to ask if their jewellery is safe.
The bank manager promised that steps are being taken to keep the gold safe.
Around 700 grams of gold jewellery pledged by customers against loans has gone missing from Indian Bank's Mahabubabad branch.
The discrepancy came to light during an audit on Tuesday.
Preliminary findings allege assistant manager Bhukya Raju and five other employees took the gold.
Police recovered a portion of the gold from Bhukya Raju's residence, while some was reportedly pledged to Manappuram Gold Loan.
Town Circle Inspector Raghupathi Reddy registered a case, and customers gathered at the branch seeking information about their jewellery.
- Who
- Six employees of Indian Bank's Mahabubabad branch, including assistant manager Bhukya Raju
- What
- Around 700 grams of gold jewellery pledged by customers as loan collateral went missing
- Where
- Indian Bank branch in Mahabubabad district headquarters
- When
- The discrepancy came to light during an audit on Tuesday
- Why
- Preliminary findings allege the gold was removed by bank employees; no motive is stated
Key facts
- Missing items
- Around 700 grams of gold jewellery pledged against loans
- Bank
- Indian Bank, Mahabubabad branch
- Employees suspected
- Assistant manager Bhukya Raju and five other employees
- Discovery
- During an audit on Tuesday
- Recovery
- Portion of gold recovered from Bhukya Raju's residence
- Other lead
- Some gold reportedly pledged to Manappuram Gold Loan
- Investigation
- Case registered by Town Circle Inspector Raghupathi Reddy











