Bank manager arrested for stealing ₹1 crore

His friends told that they would double the money and hand over the full amount to him in a few hours

The Yelahanka police have arrested the manager of a bank who allegedly stole ₹1 crore in cash and handed the money over to his contact who promised to double it in a couple of hours. The accused has been identified as Arun Veetamallu, manager of the Rajarajeshwari Nagar branch of Bank of Baroda.

Three others, including a bank attendant who did odd jobs, have been arrested.

According to the police, Arun withdrew the cash from the bank’s currency chest located on Siddaiah Road. A few hours later, he returned to the bank, and asked his colleague to make an entry that the cash had been deposited back in the chest. He then left the office in a hurry.

“His colleague refused to do so and asked where the money was. Arun cooked up a story of being robbed and also went to Chikkajala police to file a complaint,” said a police officer.

The matter was brought to the notice of the bank’s regional manager Ritesh Kumar, who suspected that Arun had stolen the money. Based on the complaint, the police detained Arun, who allegedly confessed to the crime.

According to the police, two of Arun’s associates, Basavaraj and Imtiyaz, convinced him that if he gave them ₹1 crore in cash, they would double the amount in a few hours. He could then return the original amount and keep the rest of it.


“Believing that he would become rich overnight, Arun withdrew the cash and handed it over to the duo. But the duo disappeared after getting the cash, leaving him in the lurch,” said the police officer, adding that ₹60 lakh has been recovered from him.

The police were able to track down Basavaraj and Imtiyaz. Efforts are on to nab a third person who is on the run with the rest of the cash.

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Sagar Biswas

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