A major financial crime investigation has emerged in Ahmedabad after police arrested a Bank of Baroda employee accused of stealing ₹8.70 crore from a bank vault and diverting part of the funds into cryptocurrency investments and luxury assets. The accused, identified as Harsiddh Kadiyar, worked as a joint custodian at Bank of Baroda’s Kalupur branch, which also houses a Reserve Bank of India (RBI) currency chest.
According to a Money Control report, Kadiyar allegedly embezzled cash from the vault while exploiting his access to the bank’s currency storage operations. Officials reportedly discovered that 174 bundles of ₹500 notes, totaling ₹8.70 crore, had gone missing from the vault jointly managed by chief custodian Sanjay Sharma and joint custodian Kadiyar.
Police said CCTV footage later revealed that on January 13, Kadiyar was seen leaving the bank carrying multiple boxes that he allegedly claimed contained garbage for disposal. Investigators believe the theft was carefully planned.
A plan orchestrated across 90 days
According to the preliminary probe, Kadiyar continued reporting to work for nearly 90 days after the alleged theft because he believed the branch’s CCTV recordings would automatically be overwritten after three months.
Once that period expired, he reportedly stopped attending work and cited health issues as the reason for his absence. He allegedly applied for medical leave on April 13 but failed to return after April 20, prompting the branch manager to file a police complaint.
Police said the accused confessed during questioning and admitted using the stolen money to fund an extravagant lifestyle. Kadiyar used the stolen funds to purchase a bungalow in the Chandkheda area worth over ₹2 crore, a commercial shop valued at around ₹1.40 crore, a small truck, and cryptocurrency investments. Officials also claimed that ₹28 lakh was transferred to a co-worker identified as Vaishali Ben.
During searches, police recovered ₹2.20 crore in cash from an Ertiga vehicle parked outside a residence in the Sola area where Kadiyar had reportedly been staying. Authorities also seized his mobile phone and vehicle as part of the ongoing investigation.
Police are now examining whether additional individuals may have been involved, including the accused’s wife, who reportedly serves as a head constable in the Railway Police.
Ahmedabad faces rising crypto-linked crime
The case adds to Ahmedabad’s growing list of crypto-linked fraud and financial crime investigations as authorities across India continue battling sophisticated digital asset-related scams.
Earlier this year, Ahmedabad police arrested six individuals linked to a ₹1.5 crore cryptocurrency fraud operation tied to at least 41 separate complaints.
In that case, investigators alleged that scammers used fake investment applications, fabricated trading profits, and social media promotions to lure victims into transferring money through crypto-linked channels.
Authorities also reported that Ahmedabad recorded hundreds of cyber fraud complaints involving digital payments and cryptocurrency-related schemes over the past two years.
India’s cybercrime concerns intensify
Cybercrime investigators say cryptocurrency-linked frauds in India are becoming increasingly sophisticated, with scammers using fake trading platforms, social media investment groups, stablecoin transfers, offshore wallets, fabricated crypto dashboards, and AI-assisted impersonation tactics to target victims.
Authorities warn that decentralized blockchain infrastructure and overseas financial channels often make tracing and recovering stolen funds significantly more difficult.
The Ahmedabad bank vault case now highlights how crypto exposure is increasingly appearing not only in online scams but also in traditional financial crimes involving stolen cash and illicit asset transfers.
Also read: Global Police Seize Crypto Wallets, Bank Funds in $752M Scam
