IOB Assistant Branch Manager Arrested in Ayanavaram for ₹3.09 Crore Gold Fraud

The Central Crime Branch (CCB) has arrested an assistant branch manager of the Indian Overseas Bank (IOB) branch in Ayanavaram for allegedly stealing 2,179 grams of gold jewellery pledged by customers and replacing them with fake ornaments, resulting in a loss of ₹3.09 crore to the bank.

The accused has been identified as 34-year-old Potnuru Murali Krishna, a native of Visakhapatnam in Andhra Pradesh who was residing in Purasawalkam. Murali Krishna was serving as the assistant branch manager at the bank's Ayanavaram branch when the fraudulent activities took place.

The case was registered following a formal complaint lodged on August 13 by Dineshkumar, the branch manager of the Ayanavaram branch, with Chennai City Police Commissioner A Amalraj. In the complaint, it was stated that the accused had fraudulently removed pledged gold jewellery belonging to approximately 21 customers and substituted the items with imitation ornaments.

An investigation by the Bank Fraud Investigation Wing of the Central Crime Branch revealed that Murali Krishna had discreetly taken the pledged jewellery, which weighed about 2,179 grams, and subsequently pledged it with several private gold financing firms to raise money. According to the police, the accused utilised the generated funds for online gaming and personal expenses.

Following the investigation, the CCB police team arrested Murali Krishna. He was produced before a court and remanded in judicial custody. Police stated that the stolen gold ornaments have not been recovered yet.