A CSB Bank employee, T P Sanjay (33), has been arrested for misappropriating gold worth Rs1.8 crore and securing fraudulent loans, all while allegedly drawing inspiration from the character Baskhar Kumar in the movie “Lucky Baskhar”.
In a twist of real-life crime mirroring fiction, Sanjay, who worked as a gold loan officer at the Catholic Syrian Bank (CSB) since October 2024, is accused of stealing 3.6 kg of gold that was pledged as collateral. The stolen gold was later used to obtain loans from other banks, including Federal Bank, Fed Bank, and Manappuram Gold Loan Finance, based in Davanagere.
Police said Sanjay further perpetuated his fraudulent scheme by pledging counterfeit jewellery (2.7 kg) with CSB, using fake identities of family members and associates to secure an additional loan of Rs1.5 crore. The ill-gotten gains were allegedly used for online gambling and personal expenses.
The scam came to light when a routine bank audit uncovered that jewels pledged by customers were missing. After reviewing CCTV footage, officials found that the missing gold was pledged elsewhere, triggering an investigation. Following a complaint filed by the CSB manager at KTJ Nagar Police Station, the authorities traced the stolen gold and arrested Sanjay.
Superintendent of Police Uma Prashanth explained that Sanjay’s role involved verifying the authenticity of jewelry collateral for gold loans and maintaining detailed records. Exploiting his access, he allegedly removed the gold from the vault over time. Despite his suspicious behavior, Sanjay’s position in the bank was initially seen as exemplary, and he was known for handling a large volume of loans efficiently.
Sanjay’s background as a BCA graduate with previous experience in the gold loan section of a private finance company helped him blend into the bank environment without raising suspicions. The stolen gold was later recovered following police raids with court permission.
