Superintendent of Police K. Pratap Shiva Kishore addressed a press conference on Friday, confirming the arrest of Chalapaka Raju, a gold appraiser allegedly at the centre of a massive jewellery theft at the Bank of Baroda’s Jangareddygudem branch in Eluru district.

How the Fraud Unfolded

According to investigators, Raju systematically swapped genuine gold ornaments pledged by customers for look‑alike imitation pieces before misappropriating the originals. The deception spanned 176 separate gold‑loan accounts, amounting to an estimated theft value of ₹10 crore.

Police Recovery and Seizure

Eluru police recovered 4.120 kg of gold ornaments valued at roughly ₹5.81 crore, along with ₹10 lakh in cash from the accused. Additional investigations suggest that the suspect had stolen a total of 6.449 kg of gold jewellery, which he allegedly sold through multiple jewellery shops.

Ongoing Investigation

Authorities are continuing to probe whether accomplices were involved and how much of the stolen assets can be traced and recovered. The case underscores vulnerabilities in the bank’s collateral verification processes.

Implications for the Banking Sector

Experts warn that the incident highlights serious lapses in internal controls and audit mechanisms within financial institutions. Strengthening due‑diligence protocols for gold‑loan disbursements and regular third‑party audits are now being advocated to prevent similar breaches.