SP G. Bindhu Madhav inspects the gold jewellery recovered from a bank gold appraiser in Kakinada on Saturday.
| Photo Credit: BY ARRANGEMENT
The Kakinada police on Saturday arrested Narava Suribabu (59), a gold appraiser at the Bank of Baroda’s Kakinada branch, and recovered 1.2 kg of gold jewellery worth ₹1.45 crore from him.
Suribabu, a native of Cheediga village in Kakinada rural mandal, allegedly replaced gold jewellery pledged against 44 gold loan accounts with imitation jewellery and absconded. The alleged fraud came to light recently. He worked at the bank’s branch near the Government General Hospital in Kakinada city.
“Gold jewellery worth ₹1.45 crore was recovered from Suribabu on Saturday. The investigation is on,” Kakinada Superintendent of Police G. Bindhu Madhav said.
A case has been registered against Suribabu under Section 316(4) of the Bharatiya Nyaya Sanhita for criminal breach of trust, which carries a punishment of up to seven years in prison.
Published – October 10, 2026 06:20 pm IST
