Firozabad, Uttar Pradesh: A 1,536-page charge sheet has been prepared in the alleged ₹5.50 crore gold embezzlement case at a Bank of India branch in Bharaul village, with suspended credit officer Dilip Kumar identified by investigators as the alleged mastermind. The Crime Branch alleges that 5.600 kg of gold belonging to 96 customers was removed from the bank safe and pledged with private finance companies to raise money.
Crime Branch Completes Investigation
The investigation into the case, registered under the Araon police station area, has been completed and the charge sheet is expected to be filed in court next week.
Investigators have named eight accused in the charge sheet, including Dilip Kumar, his brother Rahul, former bank manager Sandeep Kumar, cashier-cum-staff officer Naresh and four other alleged associates identified as Ankit Yadav, Rishabh, Ankur and Bhanu Pratap.
Another accused, Ajay Pratap, remains absconding and has approached the High Court seeking anticipatory bail. The charge sheet has therefore not been filed against him at this stage.
5.600 Kg Gold Allegedly Removed From Bank Safe
According to the investigation, the alleged embezzlement began in 2025. Investigators allege that Dilip Kumar, who was reportedly facing financial pressure and had an online betting addiction, gradually removed gold pledged by customers instead of taking the entire quantity at once.
The investigation found that gold packets belonging to 96 customers, weighing a combined 5.600 kilograms, were allegedly removed from the bank’s safe.
Rather than allegedly selling the gold directly, Dilip is accused of using his brother Rahul and other associates to pledge the gold with private finance companies and raise money against it.
Gold Allegedly Pledged With Muthoot, IIFL and Bajaj
Investigators found that the allegedly stolen gold was pledged with private financial institutions including Muthoot, IIFL and Bajaj.
The money raised against the pledged gold was allegedly used to meet loan repayment obligations and other financial requirements. The financial transactions are now among the evidence being examined to establish the movement of money and the roles of the accused.
Missing Gold Discovered After Officer Stopped Coming to Bank
The alleged fraud came to light on June 15, 2026, after Dilip Kumar reportedly stopped attending the bank without informing authorities.
During his absence, the bank safe was opened and 96 packets of customers’ gold were found missing. The discovery prompted the bank’s zonal office to lodge an FIR at Araon police station.
The initial FIR named then bank manager Sandeep Yadav, credit officer Dilip Kumar and staff officer Naresh Kumar. The investigation was later transferred to the Crime Branch.
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Diary, CCTV and Bank Records Used in Investigation
Investigators reportedly collected several pieces of evidence, including a secret diary, CCTV footage from the bank premises and details of suspicious bank accounts.
These records were used to reconstruct the alleged sequence in which the gold was removed from the bank and subsequently pledged with private financial institutions.
The investigation also examined the alleged involvement of bank officials and possible lapses in internal monitoring and security procedures.
How Was the Gold Removed Without Immediate Detection?
A major focus of the investigation has been how customers’ pledged gold could allegedly be removed from the safe on multiple occasions without being detected immediately.
The Crime Branch examined the responsibilities of bank officials, internal verification procedures and surveillance records to determine whether required safeguards were followed and how the alleged transactions remained undetected.
Eight Accused Named in Charge Sheet
Dilip Kumar has been identified as the principal accused and alleged mastermind. His brother Rahul is accused of helping dispose of the allegedly stolen gold.
Former bank manager Sandeep Kumar and cashier-cum-staff officer Naresh have also been named as accused. Four other alleged associates—Ankit Yadav, Rishabh, Ankur and Bhanu Pratap—are accused of having different roles in handling the gold, arranging its pledging and managing the money obtained from the transactions.
Ajay Pratap, who is currently absconding, has sought anticipatory bail from the High Court. Further action against him will depend on the outcome of the proceedings.
Case Moves Toward Judicial Proceedings
With the 1,536-page charge sheet ready for filing, the case is now set to move to the judicial stage. The court will examine the documents and evidence collected by investigators, including CCTV footage, financial transaction records and other material related to the alleged movement of the gold.
The investigation has also attempted to establish the wider network through which customers’ pledged gold was allegedly moved to private financial institutions and converted into funds.
What This Means For You: Gold pledged with banks is held as security and is expected to remain protected through strict custody, verification and monitoring procedures. The case shows why customers should keep proper records of pledged jewellery, loan documents and release transactions so that any discrepancy can be identified and reported quickly.
The420 Insight: The most important question in the case is not only how the 5.600 kg of gold was allegedly removed, but how repeated removals could continue without immediate detection. The charge sheet’s financial records, CCTV evidence and internal-control findings could help establish whether the alleged operation depended on individual misconduct, procedural failures or coordination among multiple people.
About the author — Ananya Aradhya writes on cybercrime, fraud, scams, cybersecurity, digital safety, and emerging threats. Her work also covers major criminal cases, financial frauds, consumer scams, and stories that highlight risks affecting people in the real and digital world.
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