RBI currency chest theft: Ahmedabad LCB arrests bank employee, recovers ₹2.2 crore cash

The Local crime branch of Zone 3 in Ahmedabad has arrested a bank employee accused of siphoning off nearly ₹8.77 crore from the Reserve Bank of India’s currency chest housed at the Bank of Baroda branch on Gandhi road in Kalupur.

Police said the accused, identified as Harsiddh Arjunbhai Kadiyara, 42, a resident of Chandkheda, was apprehended on May 22 from the Sola NFC Road area by the Local Crime Branch (LCB), Zone 3. During the operation, officers recovered ₹2.2 crore in cash concealed inside a parked vehicle.

According to an official, the accused was employed as a joint custodian at the RBI-authorised currency chest operated by Bank of Baroda. Investigators alleged that between January 6 and May 13, Kadiyara manipulated records and submitted forged chest balance certificates and slips on the “eKuber Currency Chest” portal, while also falsifying entries in account books to conceal the theft.

Following the detection of discrepancies, Kalupur police registered an FIR on May 15 under sections of the Bharatiya Nyaya Sanhita (BNS), 2023.

Police said the case was treated as highly sensitive owing to the scale of the alleged embezzlement and the involvement of RBI-linked cash reserves. 

During interrogation, Kadiyara allegedly revealed that a portion of the stolen cash had been hidden inside an Ertiga car parked in the basement parking area of Everest Enclave near Sola. A police team led by Kalupur Police Inspector V.N. Chaudhary conducted a recovery operation and seized ₹ 2.2 crore in cash from the vehicle.

Police also seized the Ertiga car, valued at approximately ₹ 6 lakh, along with three mobile phones worth ₹ 35,500. The total value of the recovered property stands at ₹ 2.26 crore.

Investigators said the accused allegedly executed the theft with the help of two accomplices, identified as Zulfikar Ansari and Sultan Ansari, who were reportedly engaged in loading and unloading work at the bank.

The trio allegedly removed bundles of ₹ 500 currency notes from the currency chest by placing reams of paper inside cash boxes to avoid suspicion. The cash-filled boxes were then transported out of the bank premises on trolleys and taken to the accused’s residence.

Police sources said the stolen amount was later divided among the accused, with Kadiyara allegedly retaining boxes containing nearly ₹7 crore to 8 crore, while the co-accused took another box containing around ₹1 crore.

Efforts are currently underway to trace the remaining stolen money and apprehend the other accused involved in the case, police said.