Manager Arrested for Embezzling ₹1.24 Crore in Telangana

A manager at a private gold finance company in Hyderabad has been arrested for allegedly embezzling ₹1.24 crore by stealing customers' pledged gold and creating fake loan accounts to facilitate the theft. The suspect, identified as Vishal, reportedly used the funds for cricket betting. Police recovered ₹10 lakh in cash and 83 grams of gold from him, and he is believed to have colluded with three subordinates in the scheme.

The investigation began after an internal audit revealed that gold worth ₹2.10 crore was missing. When the company attempted to contact Vishal, he was unavailable, leading to a deeper investigation that uncovered his involvement. He allegedly opened fake accounts and misled the company into believing that loans were secured against pledged gold.

Vikarabad district superintendent of police Narayan Reddy noted that Vishal managed to cover his tracks by arranging gold ornaments to match the fabricated accounts. The police are also looking into the roles of the auditor, vigilance team, and cricket betting organisers who may have assisted him. Additionally, a similar case has been reported by a public sector bank in Khairatabad, which is under investigation by Hyderabad police.