Eluru, Andhra Pradesh: An accused working as a Gold Appraiser at the Bank of Baroda branch in Jangareddygudem in Eluru District allegedly misappropriated gold ornaments pledged by customers as collateral and replaced them with fake jewellery and other materials.
The investigation revealed that 6.449 kg of gold, valued at approximately ₹10 crore, had been misappropriated.
Further investigation established that the accused had sold and pledged the stolen gold at various jewellery shops in Jangareddygudem using his own name as well as the names of his parents.
The accused was arrested, and AP Police recovered ₹10,00,000 in cash along with 4.120 kg of gold from various jewellery shops. The total value of the recovered cash and gold is estimated at ₹5.81 crore.
DGP Andhra Pradesh, Sri Harish Kumar Gupta, IPS, appreciated the investigation team for swiftly cracking this complex case and recovering a substantial quantity of gold and cash. He commended the officers for their professionalism and dedication, and encouraged them to continue serving with the same vigilance, integrity, and commitment in combating crime.
Our Citizen Reporter – Telangana
B. Bharath Reddy
