In a major security breach, nearly 59 kilograms of pledged gold valued at approximately ₹52 crore has gone missing from the Canara Bank branch in Mangoli, Karnataka. The theft has stunned authorities and triggered a high-level investigation, as the branch remained unaware of the incident until a routine audit uncovered the discrepancy.
According to bank officials, the stolen gold was held as collateral against loans sanctioned to various customers. The magnitude of the theft and the lack of any immediate detection has raised suspicions of internal involvement. The branch is reported to have been “clueless” about the missing gold until audit teams cross-verified the physical stock with official records.
Law enforcement officials from Karnataka Police, along with forensic and cybercrime experts, have launched a detailed investigation. All branch employees are under scrutiny, and access logs, surveillance footage, and transaction records are being examined. While no arrests have been made so far, authorities suspect the possibility of an insider role due to the scale and stealth involved.
“This is a serious breach of protocol. We are coordinating with Canara Bank’s internal team and are committed to a thorough investigation,” said a senior police official. A special task force has been constituted to track the missing gold and identify those responsible.
Senior management from Canara Bank has responded with urgency. In a statement issued on Tuesday, the bank confirmed the theft and assured cooperation with the authorities. “We are taking this matter very seriously. Security protocols are being reviewed, and affected customers will be protected based on the outcome of the probe,” the statement read.
The incident has sparked public outrage and raised concerns over the safety of assets deposited in public sector banks. Financial analysts have pointed to a systemic failure in security and oversight. “Lapses of this nature highlight weaknesses in internal controls and physical security management. Such incidents erode public confidence,” noted a senior banking consultant.
This case adds to the growing list of high-value thefts involving public sector institutions and is expected to trigger a reassessment of gold loan collateral management and security practices across the banking industry. The Reserve Bank of India (RBI) may also seek a detailed report and recommend stricter compliance checks for gold loan operations.
As investigations continue, the focus remains on retrieving the stolen gold and ensuring accountability. Meanwhile, the affected borrowers and customers have been urged to stay in touch with the bank for updates regarding their pledged valuables.
