A 33-year-old service manager working at the State Bank of India’s personal banking branch in Mulund West has been apprehended by the Bhandup police for allegedly embezzling approximately 4 kg of gold jewelry worth around ₹3 crore from a bank locker. The police revealed that the branch had issued gold loans amounting to ₹1.94 crore, which represented approximately 65% of the value of the mortgaged gold ornaments. The jewelry was securely stored in the locker, which required the use of two keys to open. The accused, Manoj Maruti Mhaske, 33, resides in Raheja Township, Malad East, and originally hails from Nanded in Marathwada.
The case was registered based on a complaint filed by Amit Kumar, an administrator at the Mulund Branch of SBI Personal Banking Branch situated in Runwal Greens, Nahur. According to Kumar’s complaint, when a customer sought a gold loan, the gold was thoroughly examined for authenticity before being placed in the lockers. A loan was then granted, equivalent to 65% of the value of the mortgaged gold. The lockers were designed to be opened only by inserting both keys. One key was entrusted to the service manager, while the other was held by Sweta Sohani, the cash in-charge at the branch. As a standard practice, each customer’s gold was stored in a sealed envelope within the lockers in the presence of the customer and other officials.
“On the 27th of February, while Mhaske was on leave, Kumar assumed responsibility for the locker and made a note of it in the Core Banking System (CBS). Later that evening, around 5 pm, when Kumar went to deposit cash and jewelry in the locker, he discovered that several packets of gold jewelry were missing. Upon careful inspection of the documents, it was revealed that the branch had issued 63 gold loans. However, Kumar found only 4 packets of gold in the locker, with the remaining 59 packets missing,” explained a police officer.
Kumar contacted Mhaske to inquire about the missing packets, and Mhaske confessed to taking them for personal use. He claimed to have mortgaged or sold the gold but promised to return it within the next seven days. Following discussions with senior officials, Kumar decided to register a complaint with the police, leading to Mhaske’s subsequent arrest.
The police confirmed that a total of 4 kg of gold, valued at approximately ₹3 crore based on the prevailing market rate, was missing. The accused has been charged under Section 409 (criminal breach of trust by public servant or banker, etc.) of the Indian Penal Code.