The Central Bureau of Investigation (CBI) has registered a case against an employee of the State Bank of India (SBI) in Tamil Nadu for allegedly misappropriating gold jewellery worth ₹8 crore. The accused, B. Sekar, aged 57, worked as a cash officer at SBI’s Kethanur Branch in Palladam, and reportedly committed the fraudulent acts over a five-year period from 2017 to 2022.
How the Fraud Was Carried Out
According to the complaint, Sekar was responsible for managing the jewels division in the branch. During this time, he used a cutting blade to secretly remove small parts of gold ornaments pledged by customers against loans. These gold pieces were then taken home by Sekar, resulting in a significant loss to the bank and its customers.
Complaint Filed by the Branch Manager
The issue came to light when K. Sudhadevi, the branch manager, discovered discrepancies after investigating complaints from customers. On March 12, 2022, media reports highlighted allegations by customers claiming that the weight of their pledged gold was less than what they had originally deposited. Acting on these reports, Sudhadevi conducted an internal inquiry and reviewed CCTV footage from the branch’s jewels division, specifically for January 11, 2022.
The footage revealed Sekar’s involvement in tampering with the pledged gold. Following this, an administrative inquiry was launched, and a complaint was filed with the police, who registered an FIR against Sekar under charges of breach of trust and cheating.
Transfer of Investigation to CBI
As the case gained attention, the Madras High Court intervened on August 28, 2024. The court directed the Tamil Nadu Director General of Police (DGP) to transfer the investigation to the CBI for a thorough probe. Subsequently, the federal agency registered a fresh complaint against Sekar, accusing him of misappropriation and cheating involving ₹8 crore.
The branch manager’s formal complaint also requested legal action against Sekar and sought recovery of the misappropriated gold. She provided Sekar’s residential address as TSB Home, Balaji Nagar, TKT Mill Bus Stop, Palladam Road, Tiruppur.
Official Response and Legal Action
The CBI’s Anti-Corruption Branch in Chennai has now registered an FIR against Sekar. A copy of the FIR has been submitted to the Chief Judicial Magistrate in Coimbatore.
The complaint detailed how Sekar’s fraudulent activities began on May 8, 2017, and continued until January 2022. The bank has stated that an administrative inquiry is ongoing, and the stolen jewellery is being accounted for.
The case highlights a severe breach of trust within the bank’s operations and underscores the importance of stringent oversight in handling pledged valuables.
