Ahmedabad: Police have arrested a joint custodian of an RBI currency chest in Ahmedabad for allegedly stealing Rs 8.70 crore from the vault and using part of the money to buy properties and invest in cryptocurrency. Investigators have so far recovered Rs 2.20 crore in cash and seized assets purchased using the stolen funds.

The accused, Harshsiddh Kadiyar, served as joint custodian of the RBI currency chest housed at the Bank of Baroda branch in Kalupur. According to a complaint filed by the branch chief manager at Kalupur police station, an audit and verification by newly appointed custodians found a shortage of Rs 8.70 crore in Rs 500 denomination notes.

During the investigation, police found that Kadiyar had allegedly smuggled out cash-filled boxes from the bank by claiming they contained scrap material. CCTV footage from January 13 reportedly showed him leaving the premises with boxes while informing staff that he was disposing of scrap.

Police said Kadiyar continued working for nearly three months after the alleged theft, apparently believing the CCTV footage would be automatically deleted after 90 days. On April 13, he informed the bank that he was unwell and took leave. After extending his medical leave, he stopped reporting for duty from April 20 onwards.

Acting on the complaint, a team led by PSI V.H. Rathod of the Zone-3 LCB squad tracked down and arrested Kadiyar from the Sola area of Ahmedabad. Police recovered Rs 2.20 crore in cash from an Ertiga car parked near his residence in an AUDA housing complex. The vehicle and his mobile phone were also seized.

Investigators said the accused had already spent a substantial portion of the stolen money. Police found that he had purchased a bungalow worth over Rs 2 crore and a shop valued at Rs 1.40 crore in Chandkheda. He had also allegedly bought a small commercial vehicle and invested some of the funds in cryptocurrency.

Police further revealed that Kadiyar had allegedly given Rs 28 lakh to a woman colleague, Vaishaliben, reportedly to help her purchase a house. Authorities are examining the nature of the transactions.

Investigators said Kadiyar had been working with Bank of Baroda for the past 15 years and allegedly admitted to committing the theft to fund a more luxurious lifestyle.

Police also revealed that after the case surfaced, Kadiyar travelled to Manali with his family. However, after learning that a complaint had been filed and police were searching for him, he allegedly fled.

His wife is employed as a head constable in the Railway Police, and investigators are examining whether she had any knowledge of or involvement in the case. Two other individuals linked to cash transportation operations — identified as Sultan and Zulfikar — have also been detained for questioning as the probe continues. DeshGujarat