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Gold misappropriation case: Police recovers 12.5 kg of the precious metal

Mumbai: The Mumbai crime branch has recovered 12.5 kilogrammes of gold from a private bank following the arrest of two of its sales managers in connection with a case involving the alleged misappropriation of 29 kilogrammes of gold stored in bank lockers.
In July, the property cell of the crime branch arrested three individuals, including two bank employees, Shivkumar Ayer, 30, and Shivaji Patil, 29, from the financial services firm, along with Sachin Salunkhe, 41, a bullion trader. Following their interrogation, the police apprehended two sales managers, Rahul Shengane and Narendra Chavan, from the private bank. The pair had allegedly assisted Salunkhe in obtaining a loan by mortgaging the gold with the bank.
Shengane and Chavan, arrested last week, were produced in court on Wednesday, where their police custody remand was extended until 10 September for further investigation.
Recounting the incident, Deputy Commissioner of Police Datta Nalawade said, “The fraud came to light during a financial audit in April this year. It was discovered that 260 packets containing 29 kilogrammes of gold ornaments belonging to customers, which were kept in bank lockers, had gone missing.”
An internal inquiry revealed that Ayer and Patil were responsible for handling the lockers, with the keys in their possession. When confronted, they initially evaded questioning but later allegedly confessed to their involvement.
According to the police, Ayer and Patil had surreptitiously removed the gold packets from the locker between January and April. They then passed the gold to Salunkhe, who in turn gave it to Shengane and Chavan. The duo allegedly convinced several individuals to pose as fictitious customers, mortgaging the gold in their names at a private bank branch in Dombivali to secure loans.
A crime branch official stated that Ayer and Patil had invested the money in the stock market through Salunkhe.
Police Inspectors Arun Thorat and Mangesh Desai are leading the ongoing investigation.

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