Hyderabad: Gold ornaments go missing in Karur Vysya Bank; staffer accused of misappropriation

Hyderabad: Borabanda police have registered a case after a housewife alleged misappropriation of gold ornaments pledged for a loan.

M. Sridevi, 45, lodged a complaint against a staff member of Karur Vysya Bank, Kalyan Nagar-3 branch, for misappropriation of gold ornaments

According to police, M. Sridevi, a resident of Kalyan Nagar-3, pledged 44 gold ornaments on December 4, 2024, in the bank’s gold loan section. The ornaments were handed over to staff member Aripaka Satish Kumar for securing a loan of ₹37 lakh. She signed the bank documents and ledger, but could not collect the official acknowledgment receipt due to urgency.

Sridevi said that photographs of all pledged ornaments were taken at the time, which now serve as proof. However, during a recent KYC verification call, she was informed that only 41 ornaments were recorded in her loan account, with three items missing, weighing 75.80 grams (7 tulas).

When she raised the issue with branch manager Asmath, he reportedly admitted that Satish Kumar had misappropriated pledged ornaments not only from her account but also from at least 13 other customers. The bank initiated KYC verification to identify all affected customers.

Sridevi submitted a written complaint to the bank along with photographs of the ornaments and requested that CCTV footage from December 4, 2024, be verified.

Alleging cheating, fraud, criminal breach of trust, and misappropriation, she demanded strict legal action against Satish Kumar and sought accountability from Karur Vysya Bank.

On Friday, Borabanda police registered a case based on her complaint and said that an investigation is underway.

KVB distances itself from freelance appraiser, reiterates security commitment

With reference to the article titled “Hyderabad: Gold ornaments go missing in Karur Vysya Bank; staffer accused of misappropriation” published on our portal, Karur Vysya Bank has clarified that Mr. Aripaka Satish Kumar, referred to as the gold appraiser in the report, is not an employee of the bank but an independent freelance jewel appraiser.

The bank further emphasized that the safety and security of its customers and their valuables remain its highest priority.