A 43-year-old man working as a gold valuer at a public sector bank here has been arrested for allegedly duping it of Rs 3.77 crore on the pretext of inspecting the precious metal received from customers, a police official said on Sunday.

The accused, Ramaswamy Nadar, a resident of Antop Hill area here, was working in the gold loan department of the Indian Bank’s Dharavi branch for past two years, besides running his own jewellery shop, he said.

When the bank recently decided to liquidate some of its assets and opened lockers holding gold items in 77 packets, they found the yellow metal to be fake. The bank then immediately lodged a complaint with Dharavi police station, he said.