Manager Among Three Arrested for Theft of 58 Kg Gold from Canara Bank at Managuli, Vijayapura
In a shocking breach of trust and security, 58 kilograms of pledged gold—worth approximately ₹30 crore—was stolen from Canara Bank's Managuli branch in Vijayapura district, Karnataka. Law enforcement officials confirmed that three individuals, including the bank manager, have been arrested in connection with the high-profile theft.
Details of the Heist
The incident came to light during an internal audit, which revealed a large discrepancy in pledged gold inventories maintained under gold loan schemes. Upon further investigation, the missing quantity was confirmed to be 58 kg, making it one of the biggest gold heists in Karnataka's banking sector in recent years.
Key Suspects: Insider Involvement Confirmed
Police have identified the branch manager as the primary conspirator, allegedly orchestrating the theft in collaboration with two associates. All three suspects were arrested following a joint operation by the Vijayapura police and crime branch officials.
What We Know So Far:
The accused manipulated records related to gold loan transactions.
Ornaments were either substituted or removed entirely under false entries.
The crime appears to have been carried out over an extended period, pointing to systemic lapses in internal monitoring.
Security & Trust Concerns in Gold Loan Schemes
Gold loans form a crucial financial product for many Indian families, particularly in rural and semi-urban areas. However, this case has exposed potential weaknesses in vault management, record-keeping, and auditing systems at bank branches.
The incident is expected to lead to:
Tighter regulatory scrutiny on gold loan schemes
Stricter oversight on internal audits and staff conduct
A reevaluation of custodial security protocols across public sector banks
Legal Action and Recovery Status
Authorities have launched a detailed investigation under relevant IPC sections, including criminal breach of trust, conspiracy, and fraud. Officials are working to:
Trace the stolen gold through forensic audits and money trails
Freeze any suspicious financial assets linked to the suspects
Examine whether more insiders or external accomplices were involved
Frequently Asked Questions (FAQs)
Q1: Where did the gold theft take place?
At the Managuli branch of Canara Bank, located in the Vijayapura district of Karnataka.
Q2: How much gold was stolen?
A total of 58 kilograms of pledged gold ornaments, estimated to be worth over ₹30 crore.
Q3: Who are the accused?
Three people have been arrested so far, including the bank branch manager, suspected to be the mastermind.
Q4: How was the theft discovered?
The fraud was uncovered during a routine internal audit, which flagged mismatches in gold holdings.
Q5: Has the gold been recovered?
As of now, recovery efforts are underway. Police are tracing leads to locate and recover the stolen gold.
Published on: June 26, 2025
Uploaded by: PAVAN
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