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Ujjain SBI Heist: Bank Contract Worker Among 5 Arrested, Rs 5.08 Crore Recovered

Investigators consider it an inside job, citing intact locks alongside CCTV cues.

Overview

  • Police said the arrested include SBI contractual employee Jai Bhavsar and four associates identified through surveillance and inquiry.
  • Superintendent of Police Pradeep Sharma announced the recovery of gold valued at about Rs 5 crore and Rs 8 lakh in cash.
  • CCTV footage showed two men carrying bags, scaling the boundary wall, and exiting after opening locks without forcing entry.
  • SBI suspended branch manager Payal Maheshwari, service manager Surendra Kumar Madhav, and cash officer Abhinav for negligence.
  • Senior officers, including ADG Umesh Joga and SP Pradeep Sharma, inspected the branch as investigators documented lapses such as the absence of a night guard and silent alarms.