In what is being called one of the most audacious bank thefts in recent times, Canara Bank’s Managuli branch in Karnataka’s Vijayapura district became the target of a daring heist, resulting in the loss of nearly ₹53 crore worth of gold. The branch, situated about 500 km from Bengaluru in the town of Basavana Bagewadi, was found breached on the morning of Sunday, May 25, during routine cleaning.
The discovery was made by the subordinate staff following instructions from the branch-in-charge, Kalmesh Layappa Pujari. The staff noticed that the bank’s rolling shutter had been forcibly broken. On further inspection, the strong room’s grill rods were found bent, although the main vault door remained intact. Upon entry with local police, it was confirmed that 58.975 kilograms of pledged gold and ₹5.2 lakh in cash had been stolen. Adding to the shock, the CCTV equipment, including the hard disk, was missing—clearly indicating a meticulously planned break-in.
Delayed FIR Highlights Scale of Theft; Police Probe in Full Swing with Eight Teams on the Case
Despite the theft being discovered on May 25, an official First Information Report (FIR) was lodged a day later, on May 26. According to branch-in-charge Pujari, the delay was necessary to verify and identify the gold packets remaining in the vault and accurately assess the extent of the loss.
Vijayapura’s Superintendent of Police, Laxman Nimbargi IPS, told BusinessLine that the investigation is focusing on all angles—including security lapses, insider involvement, and external surveillance by the culprits. “Eight specialized teams have been formed to crack the case. We are also probing the origin and meaning of a mysterious black doll found near a broken window—possibly used as a symbolic act of black magic or superstition to mislead investigators.”
Bank Confirms Insurance Coverage, Pledges Swift Action; Market Reacts with Share Dip
Canara Bank, in an official statement, assured its customers that all pledged gold held in custody is insured under a comprehensive policy. “Police investigations are progressing swiftly, and we are fully cooperating with authorities. Your trust remains our top priority,” the bank said, in an effort to reassure customers and stakeholders.
However, the market responded cautiously to the development. The bank’s share price declined by 0.93 per cent to settle at ₹115.75 following news of the heist.
