Mumbai crime: Bank manager, aide held in Rs 3 crore gold theft case

The Bhandup Police in Mumbai have arrested a 48-year-old for allegedly helping a bank manager steal gold bars from a nationalised bank.

The man is a resident of Antop Hill. The service manager had stolen 4 kgs of gold worth Rs 3 crore from the bank’s locker. The manager had been arrested earlier by the police. He was employed at State Bank of India’s Mulund Branch. He worked as a service manager, said reports.

Man mortgaged gold at jewellery shop: Police

The gold was originally kept at the bank as a mortgage by a customer, who took a loan of Rs 1.94 crore. The manager stole the gold and then mortgaged it at a jewellery store to take a loan.

The man arrested from Antop Hill allegedly helped the manager, identified as Manoj Mhaske, to mortgage 1 kg of the gold at the jeweller’s store and get a loan in return. The rest of the gold was mortgaged at various NBFc and the manager took a loan against the same. The police are currently investigating where he used the loan money, whatever he took from the jeweller and the NBFCs.

Mhaske met the man, who goes only by the name Shaikh a few years back, said police officials. Both remained in touch ever since. Shaikh has a saree shop in Pydhonie, said police officials.