World · South & Central Asia · 1 day ago
Bank of Baroda appraiser arrested over alleged gold substitution in Kakinada
Police in Kakinada, in the Indian state of Andhra Pradesh, arrested a 59-year-old gold appraiser at a Bank of Baroda branch.
He is accused of replacing genuine jewellery pledged for 44 gold loans with imitation jewellery.
Police said they recovered 1.2 kg of gold jewellery, valued at ₹1.45 crore, from him.
The alleged fraud came to light recently.
Banks hold pledged jewellery as security for gold loans, so replacing it could leave the loans without the promised collateral.
A case has been registered for criminal breach of trust, an offence that can carry up to seven years in prison.
Police said the investigation is continuing.
Kakinada police arrested Bank of Baroda gold appraiser Narava Suribabu over an alleged swap of pledged gold jewellery for imitation jewellery.
Police recovered 1.2 kg of gold jewellery worth ₹1.45 crore from him.
The alleged swap involved jewellery pledged against 44 gold loan accounts.
The alleged fraud came to light recently, and the investigation is continuing.
A case was registered under a law covering criminal breach of trust, which carries a punishment of up to seven years in prison.
- Who
- Narava Suribabu, a 59-year-old gold appraiser at Bank of Baroda’s Kakinada branch.
- What
- He was arrested over allegations that he replaced pledged gold jewellery with imitation jewellery. Police recovered 1.2 kg of gold jewellery.
- When
- Saturday; the article was published on October 10, 2026.
- Where
- Kakinada, Andhra Pradesh.
- Why
- Police allege he swapped jewellery pledged against 44 gold loan accounts. The sources do not state a motive.
This story does not have two clearly opposing sides.
Gold jewellery worth ₹1.45 crore was recovered from Suribabu on Saturday. The investigation is on.
The alleged fraud came to light.
Kakinada police arrested Suribabu and recovered 1.2 kg of gold jewellery worth ₹1.45 crore.
- Accused
- Narava Suribabu, 59
- Bank branch
- Bank of Baroda branch near the Government General Hospital in Kakinada city
- Alleged accounts involved
- 44 gold loan accounts
- Recovered jewellery
- 1.2 kg, worth ₹1.45 crore
- Case section
- Section 316(4) of the Bharatiya Nyaya Sanhita
Sources
Related news
Flash flood prompts evacuations along Nepal’s Budhi Gandaki River
TNSTC bus conductor arrested over alleged gutka transport
Flood in central Nepal leaves five missing and sweeps away homes and bridges
Two killed in separate Bengaluru two-wheeler crashes
India condemns Vance’s remarks as US curbs green card filings at IT firms
Two train drivers injured in separate stone-throwing incidents near Tuni and Samalkot
Humanitarian worker Steve Jones dies aged 77
Sri Lanka president says India recognises its claim to Katchatheevu
India rejects UN rights office concerns over Delhi protest detentions
Hyderabad probe links account network to nearly 450 cybercrime cases
Traffic police catch 1,029 motorists driving under the influence in Hyderabad area
