Ahmedabad Police arrested a Bank of Baroda employee and two labourers for allegedly stealing Rs 8.7 crore from an RBI currency chest and laundering the money into real estate, crypto assets and vehicles.
According to Assistant Commissioner of Police (D Division) Hitendra Chaudhary, the multi-crore theft was executed on January 13.
In a major breakthrough, the Ahmedabad Police recently booked a bank employee and 2 labourers for allegedly smuggling ₹8.7 crore out of a Reserve Bank of India (RBI) currency chest.
The prime accused reportedly laundered the stolen multi-crore sum into prime real estate, a commercial vehicle, and cryptocurrency.
The main suspect, identified as Harsiddh Kadiyar, junior joint custodian at the Bank of Baroda’s Gandhi Road branch in Kalupur who has been associated with the banking industry for 15 years was apprehended by the police following a tip-off from the Sola area.
He has been remanded in police custody. Following his interrogation, the police also arrested a father-son duo, Zulfikar Ansari (57) and Sultan Ansari (26), who allegedly worked as contract laborers and helped smuggle the cash out.
The January heist & The ‘90-day’ CCTV gamble
According to Assistant Commissioner of Police (D Division) Hitendra Chaudhary, the multi-crore theft was executed on January 13. Kadiyar, alongside the two laborers, managed to smuggle 174 reams of Rs 500 currency notes out of the high-security vault.
The trio reportedly bypassed security by packing the cash into large iron boxes, telling bank security guards that they were merely disposing of old scrap material and garbage.
In a calculated move to evade detection, Kadiyar continued to show up for work for over three months until April 20. Investigators revealed that Kadiyar operated under the mistaken belief that the bank’s internal CCTV footage would automatically be deleted after 90-days.
Once he assumed the digital trail was erased, he went on a prolonged medical leave and disappeared.
Manipulating RBI’s e-Kuber Portal
To keep the massive cash deficit hidden from daily tallies, Kadiyar allegedly manipulated internal records. Police officials stated that the accused repeatedly uploaded fraudulent balance certificates onto the RBI’s e-Kuber portal, making the bank’s daily financial data appear completely normal to regulators.
The fraud was finally discovered earlier this month during a routine internal audit conducted ahead of an official RBI inspection. A newly appointed currency chest in-charge noticed the massive cash discrepancy, prompting the bank’s chief manager to lodge an FIR at the Kalupur Police Station.
Real Estate, Crypto, and Cars
During intense interrogation, Kadiyar confessed to spending the stolen money to fund a luxurious lifestyle. His multi-crore shopping spree included:
- A luxury bungalow in Chandkheda reportedly valued at over Rs 2 crore.
- A commercial shop in Ahmedabad.
- A commercial loading tempo.
- Significant investments in volatile cryptocurrency markets.
- Gifting Rs 28 lakh to a female bank colleague to help her purchase a house.
Mass cash recoveries underway
Law enforcement authorities have initiated aggressive asset recovery protocols. Investigators have so far recovered cash worth Rs 2.2 crore which was found hidden inside the boot of an Ertiga car parked outside Kadiyar’s temporary hideout in the Sola area. Further investigation into Kadiyar’s multi crore spending spree and cash recovery operations are presently underway.
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