IIFL Scam: Police Detain Manager Of Manappuram Finance On His Marriage Day

Cuttack: In a new turn to IIFL scam, Commissionerate Police has detained the manager of gold loan provider Manappuram Finance Ltd for his alleged involvement in the scam in the middle of his marriage.

According to sources, police suspected the involvement of the manager of the gold provider company in the Rs 20 crore scam from preliminary investigation and detained him on Wednesday just before his marriage. Since the manager was aware of the fact that the prime accused in IIFL scam, Lala Amrit Ray was taking loan from Manappuram Finance by mortgaging the gold looted from India Infoland Ltd (IIFL), his complicity in the scam cannot be ruled out, the sources added.

After the arrest of Amrit and another IIFL employee Neelima Lenka besides seven others, the police came to know from their interrogation that Neelima and Amrit used to mortgage the gold from their company in other finance companies to avail loan.

It led the police to suspect possible involvement of other private finance companies in the city. They started investigation of two major companies, Muthoot Finance and Manappuram Finance and zeroed in on the latter company.

The police are also investigating to ascertain where the gold looted from IIFL has been kept. They suspect that the manager might have hidden it somewhere near his house, the sources said.