Tirupati: A major gold loan scam has come to light at the Union Bank of India’s Nagalapuram branch in Tirupati district.Sources said deputy manager Arava Suryatej, who worked at the branch from May 2024 to February 10, 2025, defrauded the bank and its 67 account holders of 5,498 grams of gold valued at Rs 2.35 crore. The scam came into the open during a recent audit. It unfolded in two phases. Suryatej is understood to have pawned the gold of 30 account holders at pawn shops and private finance companies around Puttur, securing over Rs 1.04 crore. He went on to manipulate internal bank processes by using proxy names to re-pledge the gold of 37 other customers of Nagalapuram branch, amassing additional Rs 1.31 crore. Following the bank audit, Tirupati regional deputy general manager Brahmaiah filed a case against both Suryatej and branch manager Sekhar Thiruvaraj at the Nagalapuram police station. Police are, however, yet to arrest the accused. “We are conducting a prima facie inquiry to gather all necessary evidence before making any arrests,” Nagalapuram sub-inspector P. Sunil told Deccan Chronicle. The incident has raised questions about internal checks and security protocols within the banking sector. “We are thoroughly investigating the matter and scrutinising all records to uncover the full extent of the scam. Strict measures will be implemented to maintain transparency in our operations and prevent such incidents in the future,” a bank official said.
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