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Bengaluru Banking Scandal: Senior Manager Missing After Alleged Rs 3.11 Crore Scam Involving 41 Fake Gold Loans

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Bengaluru Banking Scandal: Senior Manager Missing After Alleged Rs 3.11 Crore Scam Involving 41 Fake Gold Loans


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According to the police, Raghu allegedly sanctioned gold loans in the names of more than 41 customers without pledging any gold ornaments

The alleged fraud came to light during bank’s routine quarterly audit and revaluation of gold loans, conducted as per regulatory guidelines (Image: Representational)

The alleged fraud came to light during bank’s routine quarterly audit and revaluation of gold loans, conducted as per regulatory guidelines (Image: Representational)

A senior manager at Canara Bank’s Malleshwaram branch in Bengaluru has gone missing after allegedly orchestrating a large-scale fraud involving gold loans worth Rs 3.11 crore. The case has sent shockwaves through the local banking community, raising serious concerns about internal controls and customer trust within public sector banks.

The accused, identified as N. Raghu, was serving as Senior Manager at the Canara Bank branch located on 15th Cross, Malleshwaram, since July 8, 2024. According to the police, Raghu allegedly sanctioned gold loans in the names of more than 41 customers without pledging any gold ornaments. An FIR has been registered at the Malleshwaram Police Station, and a special police team has been formed to trace him.

How the Alleged Fraud Was Carried Out?

Police officials said Raghu used his position of authority to gain the confidence of customers. He allegedly told them that he was facing financial difficulties at home and requested permission to take loans in their names, assuring them that he would pledge his own gold jewellery and repay the amount himself. Trusting the senior manager, several customers reportedly handed over their bank details, Aadhaar cards, signatures and OTPs.

Investigators said Raghu used these details to sanction gold loans by issuing cheques and processing approvals through the bank’s internal systems. As he was entrusted with the responsibility of approving gold loans, the transactions initially went unnoticed.

Audit Uncovers Serious Irregularities

The alleged fraud came to light during Canara Bank’s routine quarterly audit and revaluation of gold loans, conducted as per regulatory guidelines. During the audit, officers found that 41 gold loan accounts were fictitious in nature. Further verification revealed that no gold ornaments had been deposited against these loans.

A deeper examination of the Core Banking System (CBS) records and physical loan applications showed that Raghu had sanctioned gold loans between October 4 and December 9 without receiving any jewellery. When confronted by senior bank officials, Raghu reportedly admitted to irregularities. Soon after this internal inquiry, he allegedly disappeared without informing the bank or his colleagues, the FIR stated.

Following the complaint filed by bank officials, Malleshwaram police registered a case and launched a search operation to trace the missing manager. A special team has been formed, and further investigation is ongoing.

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Market cap of six top-10 firms jump Rs 63,478 crore

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Market cap of six top-10 firms jump Rs 63,478 crore


New Delhi: The combined market valuation of six of India’s top-10 most valued companies rose by Rs 63,478.46 crore last week, with Larsen & Toubro and State Bank of India emerging as the biggest gainers. The broader market also ended the week on a positive note, as the 30-share BSE Sensex advanced 187.95 points, or 0.22 per cent.

Among the gainers, Larsen & Toubro saw its market capitalisation jump by Rs 28,523.31 crore to Rs 6,02,552.24 crore. State Bank of India added Rs 16,015.12 crore, taking its total valuation to Rs 11,22,581.56 crore. The market value of HDFC Bank climbed by Rs 9,617.56 crore to Rs 14,03,239.48 crore. Similarly, Life Insurance Corporation of India gained Rs 5,977.12 crore, pushing its valuation to Rs 5,52,203.92 crore.

Bajaj Finance also witnessed an increase in its market capitalisation by Rs 3,142.36 crore to Rs 6,40,387 crore. However, not all companies ended the week on a positive note. The market capitalisation of Bharti Airtel declined sharply by Rs 15,338.66 crore to Rs 11,27,705.37 crore.


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ICICI Bank also saw its valuation fall by Rs 14,632.10 crore to Rs 9,97,346.67 crore. The mcap of Infosys dropped by Rs 6,791.58 crore to Rs 5,48,496.14 crore, while Tata Consultancy Services lost Rs 1,989.95 crore, bringing its valuation down to Rs 9,72,053.48 crore.

The most-valued company in the country include HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, Tata Consultancy Services, Bajaj Finance, Larsen & Toubro, Life Insurance Corporation of India, and Infosys in the ranking of the top-10 most valued firms.

Meanwhile, commenting on Nifty technical outlook, experts said that from a levels perspective, 25,800 stands as the immediate resistance, followed by 26,000 and 26,200. “On the downside, key supports are located at 25,300 and 25,100. A decisive break below 25,000 could increase downside momentum and accelerate corrective pressure,” an analyst stated.



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PM Modi warns against ‘Digital Arrest’ scams, Urges citizens to keep KYC updated

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PM Modi warns against ‘Digital Arrest’ scams, Urges citizens to keep KYC updated


New Delhi: In his latest Mann Ki Baat address to the nation, Prime Minister Narendra Modi urged citizens to stay vigilant against growing digital scams that target unsuspecting users — especially those involving fraudulent claims of digital arrests or legal actions.

The Prime Minister also highlighted the importance of keeping Know Your Customer (KYC) information up to date across financial and digital platforms to avoid becoming a victim of fraud and to ensure seamless access to essential services.

What Are Digital “Arrest” Scams?


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Digital arrest scams are a type of online fraud where criminals send messages — typically through SMS, email or messaging apps — claiming that the recipient has been “digitally arrested” or faces some legal trouble. These messages often include:

Fake links

Threatening language

Instructions to click or respond immediately

Once a victim interacts with the link, attackers can steal personal data, banking information, or install malware on the device. PM Modi warned that such scams are increasing in frequency, and citizens should be wary of unexpected messages that create panic or urgency.

Why Keeping KYC Updated Matters

KYC — short for Know Your Customer — is a process used by banks, telecom companies, digital payment apps and financial institutions to verify a person’s identity. Updated KYC records help:

Prevent fraud and identity theft

Enable secure access to banking and financial services

Ensure government welfare and subsidy schemes reach the right beneficiaries

The Prime Minister reminded people that keeping KYC details updated makes it harder for fraudsters to misuse personal information and easier for individuals to access services without interruption.

Tips to Avoid Digital Scams

PM Modi shared practical advice for all citizens to protect themselves online:

Don’t click on suspicious links — especially from unknown senders or unexpected messages.

Verify messages claiming legal issues — contact official authorities instead of reacting to urgent claims.

Use secure apps and websites — check URLs carefully and only use trusted platforms.

Regularly update passwords and security settings — avoid sharing OTPs or passwords with anyone.

The emphasis was on caution and common sense — an informed user is a safer user.

Broader Digital Awareness

Digital scams are not limited to arrest threats. Other common fraud tactics include:

Fake investment or win-money schemes

Fraudulent job offers

Phone call impersonations

Fake customer care messages

By staying alert and informed, citizens can spot red flags and report suspicious activity swiftly.

PM’s Message on Digital Safety

In his address, the Prime Minister emphasized that the digital revolution — from online banking to mobile payments and e-commerce — has brought tremendous convenience, but it also requires responsible use. While technology empowers users, it also opens opportunities for misuse if proper precautions aren’t taken.

Citizens were encouraged to educate family members, especially the elderly or less digitally fluent, about common scam patterns and digital safety measures.

Keep KYC Status Current

Updating your KYC might feel like a small administrative task, but PM Modi highlighted it as a key defense against fraud. Many services — such as bank accounts, mobile connections, insurance policies, mutual funds, and digital wallets — require up-to-date KYC to function smoothly.

Failing to update KYC can lead to:

Account blocks or freezes

Inability to receive government transfers or benefits

Greater risk of identity misuse

Regularly checking KYC status and updating it when required protects both your financial accounts and digital credibility.

The Bottom Line

In his Mann Ki Baat message, Prime Minister Narendra Modi delivered a simple but powerful point: stay alert, stay informed, and keep your digital and financial details updated. In an era where scams evolve rapidly, proactive citizens are the first line of defense.

By understanding common threats and following basic security practices — such as avoiding suspicious links and maintaining updated KYC — Indians can enjoy the benefits of digital connectivity without falling victim to fraud.



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Key social issues identified in Guernsey charity report

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Key social issues identified in Guernsey charity report



Each year, Citizens Advice selects social policy areas for analysis based on its clients’ issues.



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