A major financial crime has come to light in Ahmedabad, Gujarat, involving the alleged theft of a staggering ₹8.70 crore directly from a secure currency chest. The incident, which took place at the Bank of Baroda branch on Gandhi Road, involves a high-ranking internal employee who reportedly exploited his position of trust to walk away with massive amounts of cash.
The security breach has sent shockwaves through the local banking sector, prompting a swift investigation by the Ahmedabad law enforcement machinery to trace the missing funds and understand how such a secure facility was compromised.
The Investigation: How the Massive Theft Was Discovered
According to an official statement by Assistant Commissioner of Police (ACP) ‘D’ Division, Hirendra Chaudhary, a formal First Information Report (FIR) was registered at the Kalupur Police Station on May 15, 2026.
The discrepancy came to light following a detailed internal audit at the bank branch. The chief suspect has been identified as Harsiddh Kadiyar, who served as the joint custodian of the bank’s RBI currency chest.
Key Details of the Incident:
- The Disappearance: The suspect initially went on medical leave on April 13, 2026, citing health issues, but subsequently failed to return to duty while ignoring communication from the management.
- The Audit Revelation: When a newly appointed custodian took charge and initiated a mandatory cash verification audit, officials discovered a massive shortage.
- The Missing Bundles: The audit revealed that exactly 174 reams of ₹500 currency notes were missing from the highly secured chest. Each ream contained 10 bundles of 100 notes, culminating in a total loss of ₹8.70 crore.
CCTV footage reviewed by investigators later tracked the suspect entering the secure vault premises dynamically on earlier dates to carefully orchestrate the removal of the cash.
Why It Matters: Security Protocol Violations Under Scrutiny
This case raises serious questions regarding internal protocol and oversight within public sector banking institutions. An RBI currency chest operates under strict joint-custody guidelines, requiring dual authorization and multiple security checkpoints to ensure that no single individual can gain unsupervised access to high-value cash reserves.
The fact that an employee managed to systematically siphon off such an enormous sum highlights potential gaps in day-to-day balance checks. Local authorities and cyber-crime cells are currently collaborating to trace where the funds were funneled, with police actively verifying leads regarding the potential conversion of the stolen cash into digital cryptocurrencies.
Current Status and Impact
Following the registration of the FIR under relevant sections of the Indian Penal Code dealing with criminal breach of trust and theft, the Kalupur Police successfully tracked down and arrested the accused custodian.
The local court has remanded the suspect to police custody to facilitate a deeper interrogation. Law enforcement officials are focusing heavily on asset recovery, working tirelessly to locate the bags of cash or frozen accounts linked to the suspect before the wealth can be permanently laundered or displaced.
Key Takeaways
- The Crime: A joint custodian at the Bank of Baroda branch on Gandhi Road, Ahmedabad, allegedly siphoned off ₹8.70 crore in cash.
- The Assets Stolen: The theft comprised 174 reams of currency, entirely consisting of high-denomination ₹500 notes.
- Official Action: ACP Hirendra Chaudhary confirmed that following an FIR filed at Kalupur Police Station, the primary suspect was taken into custody.
- Ongoing Probe: Investigators are analyzing digital footprints, security footage, and checking for potential cryptocurrency links to recover the missing funds.
Frequently Asked Questions (FAQs)
What is an RBI currency chest?
An RBI currency chest is a secure select bank branch repository where the Reserve Bank of India stocks bank notes and rupee coins for distribution to other banks in the region. It operates under immense security guidelines.
How was the ₹8.70 crore theft discovered?
The crime was discovered during an internal audit conducted when a new joint custodian took over charge after the accused employee extended his leave indefinitely and became unreachable.
What action has been taken against the accused?
The Kalupur police have arrested the suspect, Harsiddh Kadiyar. He has been placed under police remand as authorities investigate the logistics of the theft and attempt total recovery of the stolen money.
