Four Arrested for Gold Mortgage Fraud in Anantapur

Rapid Summary

• Anantapur police arrested four individuals involved in a fraudulent gold loan scheme.
• The accused include a current and former employee of the private bank,identified as V. Satish Kumar (gold loan officer) and H. jayaramulu (former sales officer).
• The scheme involved mortgaging customers’ gold jewelry with Keerthana Finance rather of depositing it in the bank and fraudulently obtaining loans on those assets.
• A complaint was filed on July 14, 2025, by Ramnagar branch manager P. Venugopal Reddy regarding missing gold packets and tampering of others.
• Evidence suggests 330 grams of gold were mortgaged under Jayaramulu’s name, 650 grams under B. Srinivasulu’s name (an associate), and 1,200 grams under S. sai Krishna’s name (another accomplice),with loans taken against these assets.
• Deputy Superintendent of Police V. Srinivasa Rao disclosed that the operation was carried out without customer or bank awareness.

Indian Opinion Analysis

This case highlights vulnerabilities in systems managing valuable customer assets like gold jewellery in private banks-notably those related to internal oversight mechanisms. While banks usually follow rigorous protocols for asset management, this incident underscores how insider misuse can circumvent established safeguards when proper checks are lacking.

The broader implication is twofold: it calls for enhanced vigilance from financial institutions regarding employee activities while emphasizing stronger legal deterrents for financial fraud to protect consumer trust in banking services. For law enforcement agencies such as the Anantapur police, successfully identifying evidence ensures accountability while further demonstrating institutional openness through swift action.

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