A joint custodian at an RBI currency chest inside a Bank of Baroda branch in Ahmedabad's Kalupur area has been arrested for allegedly embezzling ₹8.70 crore over more than four months, with police recovering ₹2.20 crore in cash hidden inside a parked car. The accused, Harshsiddh Kadiyara (42), a resident of Chandkheda in Ahmedabad, was apprehended by the Local Crime Branch (LCB) Zone-3 from Everest Enclave on Sola NFC Road.

How the Alleged Fraud Was Carried Out

According to investigators, Kadiyara exploited his position as joint custodian at the Bank of Baroda branch on Gandhi Road, Kalupur, where the RBI currency chest is maintained. Between 6 January and 13 May, he allegedly submitted false chest balance certificates and fabricated chest slips on the e-Kuber Currency Chest portal, entering incorrect information in official accounts and ledgers to conceal the alleged misappropriation.

Police allege that Kadiyara was assisted by two associates — Zulfiqar Ansari and Sultan Ansari — who were engaged in loading and unloading work at the bank. The trio allegedly entered the bank's storeroom, where 174 reams stored in three boxes were redistributed into 14 separate boxes in smaller quantities. The boxes were then loaded onto a trolley and transported out of the bank premises to the accused's residence.

Investigators allege that Zulfiqar and Sultan Ansari subsequently removed bundles of ₹500 denomination notes from the boxes and repacked them into three boxes. Two of those boxes, allegedly containing approximately ₹7 to ₹8 crore, were taken by Kadiyara, while a third box allegedly containing around ₹1 crore was taken by the co-accused.

The Arrest and Cash Recovery

Police Sub-Inspector V.H. Rathod and his team were patrolling in the Zone-3 area during the investigation when they received specific intelligence regarding Kadiyara's whereabouts. Following his arrest, the accused allegedly disclosed during interrogation that a portion of the stolen money had been concealed inside an Ertiga car parked in the residential complex's parking area.

Kalupur police inspector V.N. Chaudhary and his team, in the presence of panch witnesses, carried out a recovery panchnama and seized ₹2.20 crore in cash from the vehicle. The total value of property recovered so far stands at ₹2,26,35,500, comprising the cash, the Ertiga car valued at ₹6 lakh, and three mobile phones collectively worth ₹35,500.

Case Registered and Legal Sections Invoked

A case was registered at Kalupur police station on 15 May under Sections 316(5), 336(3), and 340 of the Bharatiya Nyaya Sanhita, 2023, covering criminal breach of trust and theft. Officials confirmed that efforts to recover the remaining amount — approximately ₹6.50 crore — are ongoing.

Significance of the Breach

RBI currency chests are high-security repositories authorised to receive, store, and distribute banknotes on behalf of the central bank. A breach of this nature — allegedly sustained over more than four months through systematic record manipulation — raises serious questions about internal audit protocols at designated chest branches. This comes at a time when the Reserve Bank of India (RBI) has been tightening oversight norms for currency chest operations across the country.