Bengaluru, February 14 A bank manager was arrested for allegedly misappropriating and illegally mortgaging 2,780 grams of customers' gold ornaments worth over Rs 3.5 crore, police said on Saturday.
The alleged fraud came to light after the bank's chief manager filed a complaint against the accused at the Girinagar police station on February 5.
Citing the complaint, police said the accused allegedly removed 2,780 grams of customers' gold ornaments from bank lockers without informing higher authorities and pledged them with a finance company.
During the investigation, officials found prima facie evidence suggesting that the accused had used the proceeds for online betting, police said.
"The accused deputy bank manager has been arrested in this case. We are trying to recover the gold. So far, about 700 grams have been recovered," said Lokesh B Jagalasar, Deputy Commissioner of Police (South).
"We are not getting the desired cooperation from the financiers. We will move the court and initiate appropriate legal action against them. Further investigation is underway," he added.
Police also advised customers to verify the safety and status of their ornaments kept in bank lockers.