Ahmedabad: Bank of Baroda Employee Steals INR 8.7 Crore From RBI Currency Chest Under Guise of Disposing Used Iron Boxes; Arrested

The Ahmedabad Police have arrested a public sector bank employee for allegedly smuggling INR 8.7 crore out of a Reserve Bank of India (RBI) currency chest and laundering the stolen funds into high-end real estate, vehicles, and cryptocurrency. The accused, Harsiddh Kadiyar, a junior joint custodian at the Bank of Baroda's Gandhi Road branch in Kalupur, was apprehended in the Sola area following a targeted operation by local authorities. A local court has remanded Kadiyar in police custody until May 27.

The Money Heist and Deceptive Tactics of Bank Employee

According to law enforcement officials, the multi-crore theft was executed on January 13. Investigators reveal that Kadiyar, alongside two contract laborers identified as Zulfikar Ansari and his son Sultan Ansari, smuggled 174 reams of INR 500 notes out of the high-security vault. CBI Raids Mumbai and Ahmedabad in INR 119 Crore Bank Fraud Cases Linked to Shri Hari Extrusion and Jay Formulations.

The trio managed to systematically bypass internal security checkpoints by packing the cash into discarded iron boxes, informing branch security personnel that they were simply disposing of scrap metal and garbage.

Evading Suspicion and Audit Manipulation

To delay internal detection, Kadiyar continued to report for regular shifts at the Kalupur branch until April 20. Investigators stated that the custodian deliberately timed his actions under the mistaken assumption that the bank's automated CCTV surveillance footage would overwrite and permanently delete itself after a standard 90-day cycle. Furthermore, to mask the significant cash deficit during daily bookkeeping, Kadiyar reportedly uploaded fraudulent balance certificates directly to the RBI's secure e-Kuber digital portal. After the 90-day window closed, he went on prolonged sick leave, ignoring subsequent calls and corporate emails from branch management.

Discovery of Fraud and Asset Recoveries

The financial discrepancy finally surfaced during a routine verification audit conducted by a newly appointed in-charge of the currency chest ahead of a scheduled RBI institutional inspection. Following the audit, the branch's chief manager lodged a formal complaint, leading to an official First Information Report (FIR) being registered at the Kalupur police station on May 15. Hitendra Chaudhary, Assistant Commissioner of Police (D Division), said that the police recovered INR 2.2 crore in cash from the boot of a car parked at the spot where Kadiyar was arrested. Subsequent interrogations of the primary suspect led to the tracking and arrest of the father-son labour duo on Saturday night, yielding an additional recovery of INR 60 lakh in cash. In total, authorities have seized INR 2.85 crore in physical currency alongside an Ertiga passenger vehicle used by the suspects. Ahmedabad Gold Theft Case: 8 Arrested for Stealing Jewellery Consignment Valued at INR 2.58 Crore From Air Cargo.

Money Laundering via Property and Crypto Markets

During police interrogation, Kadiyar confessed to aggressively distributing the embezzled cash to fund a lavish lifestyle and acquire permanent assets across Ahmedabad. The siphoned money was traced to the purchase of a residential bungalow in Chandkheda valued at over INR 2 crore, a commercial shop worth INR 1.40 crore, and a small cargo tempo. The accused also admitted to distributing portions of the stolen capital to associates, including transferring a total of INR 28 lakh to a female colleague to assist her in securing a personal home loan. Beyond physical property investments, Kadiyar began actively trading in volatile cryptocurrency digital networks, forcing cyber crime units to begin tracing his active crypto wallets to freeze any remaining digital assets.

(The above story first appeared on LatestLY on May 25, 2026 07:51 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).