Employee of Bank of Baroda(BoB) arrested for stealing Rs 8.70 crore

Harsiddh Kadiyar, a joint custodian for Bank of Baroda, was detained by the Ahmedabad Police on Friday on suspicion of embezzling Rs 8.70 crore from the bank. According to reports, Kadiyar, who had been employed by the bank for the previous fifteen years, acknowledged that he stole in order to support an opulent lifestyle.

Officials at the bank's Kalupur branch, which also has a Reserve Bank of India (RBI) currency chest used to transfer money to other banks, uncovered the alleged theft after discovering that 174 bundles of Rs 500 notes worth Rs 8.70 crore were missing from the vault. Chief custodian Sanjay Sharma and joint custodian Harsiddh Kadiyar oversaw the vault.

After reviewing the CCTV footage, bank officials discovered that Kadiyar was observed leaving the bank on January 13 with many boxes. By claiming that the boxes contained trash that he was taking outdoors for disposal, he allegedly deceived his coworkers. He thought the CCTV film would be automatically erased after three months, so he kept working at the bank for about ninety days following the robbery.

The bank manager later filed a complaint at the local police station, after which the police started an investigation.

Police arrested Kadiyar soon after the complaint was filed. During questioning, he reportedly confessed to the crime.

According to the preliminary investigation, Kadiyar used the stolen money to buy a bungalow in Chandkheda worth more than Rs 2 crore, a shop worth Rs 1.40 crore, a small truck, and also invested some money in cryptocurrency.

He also allegedly gave Rs 28 lakh to a co-worker, Vaishali Ben. Police recovered Rs 2.20 crore in cash from an Ertiga car parked outside a house in Sola where Kadiyar was staying. The vehicle and his mobile phone have also been seized.

Following that time, Kadiyar claimed to be ill and quit going to work. He requested a five-day medical absence on April 13, but he didn't go back to work until April 20.

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Cash shortage in Currency Chest in Ahmedabad: ₹8.70 Crore Missing found During Audit

Bank fraud involving cash remittance irregularities has come to light in Bank of Baroda(BoB), Kalupur, Ahmedabad.

Incident Details:

* A Chief manager of a bank Mr. Harihar Devam lodged a complaint regarding irregularities in cash remittance deposited with a cash logistics/custodian company responsible for transferring money between banks.

* The Reserve Bank-authorized cash remittance process involved appointing a main custodian Mr. Sanjay Sharma and joint custodian Mr. Harsidhdh Kadiyar for handling cash. The accused was appointed as joint custodian.

* When large amounts of cash are received in the treasury, the custodian records and manages the cash.

* On 13 April, the joint custodian informed the branch manager that his health was not good and requested leave. Initially, one day leave was granted, followed by five days medical leave.

* After completion of the leave period, he again requested 17 more days leave from 20 April onwards. However, the bank rejected the leave request and instructed him to report for duty because a new main custodian was to be appointed.

* Since the employee did not return to duty, responsibilities were handed over to another staff member.

* During an internal audit by the RBI-authorized agency, a shortage of 174 sealed cash packets of ₹500 denomination was detected, amounting to approximately ₹8.70 crore.

* Investigation revealed that the cash packets had allegedly been removed from the bank treasury.

* It was also found that the accused had fled with his family from his residence in Chandkheda.

* A complaint regarding the matter has been registered at Kalupur Police Station.

Brief :

It has been alleged that a Bank of Baroda employee at the Kalupur branch embezzled Rs 8.7 crore from the company's currency reserves and concealed the shortfall by uploading fictitious balance certificates on the RBI's e-Kuber platform. 

Following the employee's extended absence, the fraud was discovered during an internal audit. The accused, a resident of Chandkheda, was the joint custodian of the currency chest at the Gandhi Road branch, according to the chief manager's report submitted to Kalupur police on Friday. 

Despite several calls and emails, he did not return after taking a leave of absence on April 13 due to health concerns. Officials found 174 reams of Rs 500 notes missing during the ensuing audit. Ten bundles of 100 notes apiece, totaling Rs 8.7 crore, were packed in each ream.

The "bin book" and Excel sheets used for daily reconciliation may have been manipulated, according to the complaint, which claims that internal records misrepresented the amount of cash as available. The certificates uploaded to the e-Kuber system were purportedly created using these documents. 

The accused reportedly entered the branch on the evening of January 13, according to CCTV footage examined during the investigation. Soon after, a laborer and his kid came in, and the video shows the three of them leaving the branch with several boxes. 

According to the complaint, security guards told him that evening that the accused was stealing boxes from the property. The accused allegedly stated that the boxes included scrap material intended for disposal when questioned at the time.

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