Manipur: SIT Formed to Probe ₹4 Crore Gold Theft at Manipur Bank of Baroda Branch

IMPHAL: A Special Investigation Team (SIT) was constituted to probe the theft of around Rs 4 crore-worth gold from the Bank of Baroda branch located inside the Manipur University campus.

During the probe, the SIT arrested four bank employees, including a manager of the branch, in connection with the case.

The group will play a significant role in unearthing the situation of this robbery and ascertain the culprits so that they may be brought to book accordingly.

Police reports indicate that this robbery was witnessed during the wee hours of 13th September at around 1:41 AM. The case was lodged with Singjamei police station by Ganga on 17th September.

It was discovered by the bank cashier himself as he was doing his routine check when he tried to open the vault at about 10 AM and found that its lock was broken. Some packets of gold were missing, and this was thought to be an inside theft.

The case has attracted a lot of interest because of bank employees' involvement in theft, and their vulnerability has raised questions over the efficacies of the mechanisms deployed in financial institutions to ensure safety.

The officers investigating these internal processes and controls that are supposed to govern operations at the branch of the Bank of Baroda are being questioned. This is a situation that throws open important questions: How did such significant breaches occur without being caught in the dragnet of bank employees who had access to the vault?.

Experts are saying that such incidents in the future would require more significant security approaches and monitoring systems, as well as stronger background checks on employees.

The case is likely to prompt a holistic review of security approaches in banks as stakeholders move to restore public trust and ensure that safety of assets being held in financial institutions is guaranteed.

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