LUCKNOW – The UP Special Task Force on Saturday arrested the branch manager of a Maharashtra bank from Lucknow in connection with gold loan fraud worth ₹2.5 crore in 2023, as confirmed by senior police officials. The branch manager reportedly absconded with gold deposits made by loan applicants, investing the entire amount in a Lucknow-based real estate company to seek profits.
In a press release shared with the media, STF officials disclosed that the accused branch manager is Girish Chandra Tiwari from Machchlishahar, Jaunpur. Tiwari’s family resides in Yaduvanshi Bhawan in Gomti Nagar, Lucknow. He was most recently serving as the branch manager of Federal Bank on Meera Road in Thane, Maharashtra, after gaining experience in various financial institutions since 2009.
A STF official elaborated that Tiwari managed the Meera Road branch of Federal Bank from 2021, approving numerous gold loans during his tenure. Instead of depositing the gold as per protocol, Tiwari kept it for himself and vanished with all the gold in 2023. A case was subsequently filed against him at Kashmira police station in Thane, Maharashtra, and he had been evading capture since then.
The official mentioned that the STF had been monitoring Tiwari’s movements following a tip-off from the Maharashtra police. Tiwari was eventually traced to a hideout in Khewali Hasanpur village in Sushant Golf City and was apprehended on Saturday. It was revealed during questioning that Tiwari had invested the proceeds from selling the gold into Tronica Properties Solutions. The suspect was handed over to the Maharashtra police for legal procedures.
Insight into Financial Crimes
Financial crimes, such as the fraudulent misappropriation of funds or assets by individuals in authoritative positions, continue to pose significant challenges for both financial institutions and law enforcement agencies. Cases like the one involving Girish Chandra Tiwari highlight the importance of robust internal controls and oversight mechanisms within banks to prevent such incidents.
Impact on Victims
Victims of financial fraud, like those who deposited gold for loans in this case, often suffer financial losses and emotional distress. It is crucial for authorities to swiftly address such crimes and ensure that victims are provided with appropriate support and recourse.
