Police recover Rs 4.7 crore worth of missing gold from SBI branch in AP, arrest seven accused

SRIKAKULAM: The police in Andhra Pradesh's Srikakulam district have recovered 4.7 crore worth of more than seven kilos of missing gold ornaments from the State Bank of India (SBI) branch in Gara.


Seven out of the nine accused listed in the FIR have been arrested within eight days of the complaint being filed. The recovered gold, comprising 7,195.29 grams in 60 bags, will be submitted to the court, and notices will be issued to the bank regarding the individuals who pledged loans.

The investigation revealed the involvement not only of SBI Gara Branch employees but also other bank employees, supported by private individuals who mortgaged the same gold in other banks and finance companies. This modus operandi has reportedly been ongoing for the past 14 months.

The main accused, Deputy Manager Uriti Swapna Priya, committed suicide in late November, while the cashier and joint custodian of the gold loans, Munji Suresh, is currently absconding. A manhunt is underway for Suresh.

The missing gold, mortgaged by more than 2,400 people, came to light approximately 18 days ago. Swapna Priya allegedly lost money in real estate, the share market, and rice pulling schemes. The police received a complaint from the bank regional manager on November 30, leading to a prompt investigation.

Teams led by DSP D Vijaya Kumar scrutinized CCTV footage, revealing Swapna Priya's suspicious activities in the locker room. The police found that Suresh assisted Swapna Priya, who handed the gold to her elder brother Kiran Babu, an employee of the SBI Mutual Fund wing, and another unidentified person. The gold was then given to Ponnada Tirumala Rao of Lohitakshi Loans Consultancy Service and others, who mortgaged it in various banks and finance companies. Tirumala Rao, who received a commission, disclosed the modus operandi that began in September 2022.