An employee of Bank of Baroda has been arrested in Ahmedabad for allegedly stealing Rs 8.7 crore from a Reserve Bank of India currency chest and laundering the money through property purchases and cryptocurrency investments, police said on Sunday. The accused, identified as Harsiddh Kadiyar, worked as a junior custodian at the bank’s Gandhi Road branch in the Kalupur area, which houses an RBI currency chest.
According to police officials, Kadiyar allegedly carried out the theft on January 13 with the assistance of two contract labourers. Investigators said the cash was smuggled out of the bank premises under the guise of disposing of used iron boxes. However, instead of scrap material, the boxes were allegedly filled with currency notes amounting to Rs 8.7 crore. Assistant Commissioner of Police Hitendra Chaudhary said the accused was apprehended in the Sola area on Friday following a tip-off.
Police said Kadiyar continued attending work normally until April 20 in an apparent attempt to avoid suspicion. Investigators believe he assumed the CCTV footage linked to the incident would be automatically erased after 90 days. After that period, he allegedly disappeared and went on extended sick leave. The matter came to light during a routine verification process ahead of an RBI inspection, when a newly appointed currency chest in-charge discovered discrepancies in the stored cash.
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An FIR in the case was registered at Kalupur Police Station on May 15. During the arrest operation, police recovered Rs 2.2 crore in cash from the boot of a car parked near the location where Kadiyar was detained. He has since been remanded to police custody until May 27 as investigators continue tracing the remaining funds and identifying the role of others involved in the operation.
During interrogation, Kadiyar allegedly confessed to using a portion of the stolen money to purchase residential and commercial properties in Ahmedabad, including a house in Chandkheda, a shop and a commercial vehicle. Police also claimed that he handed Rs 23 lakh to a female colleague to assist in purchasing a house and separately gave her Rs 5 lakh in cash. Investigators are examining whether others knowingly benefited from the stolen funds.
Officials further stated that the accused invested part of the money in cryptocurrency trading platforms, adding another layer to the alleged laundering operation. Police are now analysing financial transactions, property records and digital investments linked to the case. Authorities said efforts are underway to recover the remaining stolen amount and determine whether additional individuals were involved in concealing or moving the funds.
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