Tirupati: It appears that the reel world of Lucky Bhaskar has spilled into reality, but with a far less fortunate twist. A bank employee in Nagalapuram, seemingly inspired by the cinematic con artist, attempted his own grand deception, only to find himself caught in the act.

A massive financial fraud has been uncovered at the Union Bank of India’s Nagalapuram branch in Tirupati district, where bank staff allegedly misused pledged gold for personal gain. The shocking scheme came to light during a recent internal audit, leaving customers stunned.

Investigations have pointed to Arava Suryatej, the branch’s Deputy Manager from May 2024 to February 10, 2025, as the primary suspect. He is accused of misappropriating 5,498 grams of gold belonging to 67 depositors, with an estimated value of Rs 2.35 crore.

Sources reveal that the fraud was executed in two stages. In the first, Suryatej reportedly pawned the gold of 30 customers at various pawn shops and private financial firms in and around Puttur, collecting more than Rs 1.04 crore. In the second phase, he is said to have exploited the bank’s internal processes by using fictitious identities to re-pledge the gold of 37 other customers within the Nagalapuram branch itself, accumulating an additional Rs 1.31 crore.

The irregularities came to light during a routine bank audit, which exposed inconsistencies in the records. A detailed probe by bank officials confirmed that Suryatej had misused pledged jewellery for personal financial gains. Acting on a complaint filed by Union Bank of India’s Tirupati Regional Deputy General Manager Brahmaiah, the police have registered a case against both Suryatej and Branch Manager Sekhar Thiruvaraj at the Nagalapuram police station.

Authorities are continuing their inquiry to piece together the full extent of the fraudulent activities. No arrests have been made yet, as the police are conducting a preliminary investigation to gather concrete evidence. Nagalapuram Sub-Inspector P Sunil stated that they are also assessing whether additional individuals were involved in the scam.

Meanwhile, bank officials have assured customers that the matter is being thoroughly examined and that stringent measures will be put in place to strengthen

oversight and prevent such fraudulent activities in the future.