Czech National Bank Employee Secretly Smuggled Tens of Millions of Crowns Out of Brno Vault

An employee of the Brno branch of the Czech National Bank (ČNB) secretly smuggled cash out of the vault in the bank's building on Rooseveltova Street for nearly a year, later depositing the stolen funds into ordinary commercial banks. According to investigators, the sum runs into tens of millions of crowns, while sources close to the editorial team put the figure closer to 40 million crowns.

The accused, Ivo G., had worked at the national bank for 13 years, most recently as head of the cash and vault management department — a position that gave him access to the vault. Colleagues described him as a responsible, serious family man; his social media profile even featured the motto "Money is my daily bread." Police announced the charges in late July, describing the employee's method as "quite sophisticated."

How the Control System Broke Down

According to sources, Ivo G. would enter the vault alone or with virtually no oversight, even though the bank's internal rules require the so-called "four-eyes principle" — the simultaneous presence of several employees. His solid reputation among colleagues likely contributed to this rule not being strictly enforced in practice.

After the charges were announced, several employees who had worked alongside Ivo G. left the ČNB, including the so-called "key holders" — staff responsible for opening the safes. His direct supervisor, who oversaw the Brno branch remotely from Ostrava, also left the bank; she declined to comment on the situation. ČNB spokesman Jakub Holas likewise declined to specify the total number of employees who had left, citing the bank's policy of not commenting on details of an ongoing criminal case or on individual personnel matters. It is known only that Ivo G. himself was dismissed; according to sources, his wife, who also worked at the ČNB, has since left the bank as well.

The Role of Financial Intelligence

Back in August, police revealed that the arrest was made possible thanks to information from the Financial Analytical Office, which combats money laundering and monitors suspicious financial flows. According to sources, the stolen money was deposited into accounts at ordinary commercial banks, and one of these institutions flagged suspicious transactions. Large cash deposits made by an employee of the national bank itself triggered internal warning mechanisms. The involvement of financial intelligence also suggests the stolen millions may have been transferred to other accounts as well — the agency is capable of tracking money movements worldwide, though it never publicly comments on its operations.

Motive Still Unknown

The ČNB spokesman also declined to explain why the bank itself failed to notice the missing funds sooner, citing the ongoing investigation. The accused's motive likewise remains unclear — a man who knew the bank's procedures and the camera-monitored vault inside and out, yet chose to deposit the cash in banks, a move that made the transactions visible to control systems. According to Brno criminal police, the accused cooperated with investigators in the initial stages.

A court has ordered Ivo G. held in custody; prosecutors have not disclosed the grounds for the detention request, though such cases typically cite the failure to recover the stolen money or flight risk. According to Petr Ložný, deputy head of the Brno regional prosecutor's office, the accused remains in custody after the regional court rejected his appeal against the municipal court's detention ruling in late August. Following the case, the ČNB's Bank Board launched an extraordinary internal audit to examine all the circumstances of the theft and the effectiveness of the bank's security measures; the bank has promised to make the audit's findings public.

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Source: seznamzpravy.cz