IOB assistant branch manager arrested for ₹3.09-crore gold loan fraud

An assistant branch manager at Indian Overseas Bank has been arrested for allegedly defrauding the bank of ₹3.09 crore, according to a report by the Central Crime Branch (CCB). Potnuru Murali Krishna, a 34-year-old from Visakhapatnam, was working at the Ayanavaram branch of the bank when the fraud came to light. The accused allegedly removed 2,179 grams of gold jewelry pledged by around 21 customers and replaced it with imitation ornaments.

The investigation revealed that Murali Krishna had pledged the gold with private gold financing firms to raise money, which he then used for online gaming and personal expenses. He was arrested by the CCB and produced before a court, where he was remanded in judicial custody.