Ahmedabad: The Gujarat High Court has directed an officer of the rank of assistant commissioner of police (ACP) to monitor the investigation into the disappearance of gold jewellery and precious stones worth Rs 1.15 crore from the custody of an Indian Bank branch in Rajkot, expressing concern over the lack of progress in the probe.The order came while hearing a petition filed by complainants Sangeeta Shah and Shyam Shah, who approached the high court for the second time seeking transfer of the investigation to an independent agency, alleging inaction by the Rajkot police.According to court records, the couple had availed two MSME loans from the Rajkot branch of Indian Bank in 2023 by pledging 1,004.1g of 22-carat gold jewellery and precious gemstones, collectively valued at Rs 1.15 crore. They later discovered that the pledged valuables had gone missing from the bank’s custody and lodged an FIR with Rajkot A Division police in Dec 2025.The petitioners contended that despite the FIR being registered more than six months ago, the investigation made little headway. Earlier, they had also sought directions from the high court for the Reserve Bank of India to initiate action against the bank for alleged negligence.Last month, Indian Bank settled the dispute by offering the couple compensation of Rs 1.32 crore. However, the petitioners maintained that a thorough criminal investigation into the alleged theft was necessary.Appearing for the couple, advocate Nimit Shukla submitted that despite the registration of the FIR in Dec 2025, no accused had been arrested.Taking note of the status report filed by the investigating agency, the high court observed that the investigation had not progressed adequately. “The perusal of the report does not indicate any steps taken by the investigating officer for securing the presence of the accused though the anticipatory bail applications for some of the accused have been dismissed by this court,” the court noted.The court further ordered, “The higher official of the rank of assistant commissioner of police shall monitor the investigation and shall submit fresh report as regards the steps taken in the investigation of the offence on the next date.”The matter has been posted for further hearing on July 28, when the court will review the progress of the investigation.
