State Bank Service Manager steals 3Cr. worth Gold
An State bank service manager was detained by Mumbai police for allegedly stealing 4 kg of gold jewelry valued at Rs 3 crore from a bank locker while he was watching.
The recent incident at the State Bank of India’s personal banking branch in Mulund West, Mumbai, has brought to light a concerning case of alleged embezzlement by one of its employees. The accused, identified as Manoj Maruti Mhaske, a 33-year-old State bank service manager, stands accused of orchestrating the theft of approximately 4 kilograms of gold jewelry valued at around ₹3 crore from the bank’s locker.
The modus operandi employed in this elaborate scheme was to leverage the authority and access granted to Mhaske as a service manager. The branch had a practice of extending gold loans, amounting to ₹1.94 crore in this instance, which constituted about 65% of the appraised value of the mortgaged gold ornaments. These valuables were securely stored within the bank’s locker, accessible only by the simultaneous insertion of two keys—one held by Mhaske himself and the other by Sweta Sohani, the branch’s cash in-charge.State bank service manager
The breach of trust was discovered by Amit Kumar, an administrator at the branch, who noticed discrepancies in the inventory of gold jewelry packets stored in the locker. It was on February 27th, during Mhaske’s absence on leave, that Kumar took on the responsibility of overseeing the locker’s contents. However, upon inspection, he found that a significant number of gold jewelry packets were missing. Subsequent scrutiny revealed that out of the 63 gold loans extended by the branch, only four packets remained in the locker, with the remaining 59 conspicuously absent.
Upon confronting Mhaske about the missing gold, Kumar was met with a shocking admission. Mhaske confessed to having appropriated the 59 packets for personal use, claiming he had either mortgaged or sold them, with the intention to return the gold within a week. However, recognizing the severity of the situation, Kumar escalated the matter to senior officials, leading to Mhaske’s subsequent arrest by the authorities.
The repercussions of Mhaske’s actions extend beyond mere financial loss, as they undermine the trust and integrity that are paramount in the banking sector. The incident serves as a sobering reminder of the importance of robust internal controls and oversight mechanisms to prevent such breaches of trust. Furthermore, it underscores the imperative for swift and decisive action in holding accountable those who betray the trust bestowed upon them by their positions of responsibility.
As the legal proceedings unfold, it is expected that the full extent of Mhaske’s alleged misconduct will come to light, shedding further insight into the intricacies of this unfortunate incident and its implications for both the bank and its stakeholders.State bank service manager
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Neeraj Tiwari 
Ashish Bajpai