Karimnagar: Betting-addict SBI cashier steals Rs 1.1 Cr, 25.17 kg gold; held

Karimnagar: Police have arrested an SBI cashier for allegedly stealing Rs 1.1 crore and 25.17 kg of gold worth Rs 12.16 crore from the Chennur branch in Mancherial district.

Identified as Narige Ravinder, he stole the money to recoup the losses suffered in online cricket betting.

Betting losses spark criminal scheme

Ravinder reportedly lost Rs 40 lakh through online cricket bets and hatched a plan to recoup his losses by embezzling from the bank.

The scam came to light when SBI regional manager Ritesh Kumar Gupta noticed the missing cash and gold and lodged a complaint. Suspicious deposits in Ravinder’s account confirmed the fraud.

Collusion with bank staff

Investigations revealed Ravinder colluded with branch manager Vennapureddy and employee Lakkakula Sandeep. The manager allegedly provided access to the joint currency chest, enabling Ravinder to regularly remove mortgaged gold and cash from October 2024.

Gold loans and fake investment withdrawals

Ravinder handed the stolen gold to friends working at private gold lending companies. They processed 142 gold loans for 44 individuals, keeping a commission and transferring the remaining cash to Ravinder.

Additionally, Ravinder and branch manager Manohar sanctioned 42 fake loans in the cashier’s family members’ names, creating Rs 1.58 crore in fraudulent withdrawals.

Recovery and Investigation

Police have recovered 15.23 kg of gold and Rs 1.61 lakh in cash. A substantial portion of the stolen gold is still missing, and authorities are investigating the role of private lending companies involved.