Manipulation Of Gold In Cuttack’s IIFL Branch Started In 2016: Police Commissioner

Cuttack: The Commissionerate Police probing into the loot of gold ornaments and cash from the India Infoline Ltd’s (IIFL) branch in Cuttack city has said the prime accused, Lala Amrit Ray, and some unscrupulous employees had started the process of manipulating gold ornaments mortgaged at the finance company in 2016.

Police Commissioner Sudhanshu Sarangi told this to the media on Saturday.

Sarangi also informed that 10 persons have been arrested so far and the number will go up as the complicity of several others has been found in course of the investigation.

Stating that about 10 kg of gold ornaments have been recovered so far, he said the police are in constant touch with the IIFL head office in Mumbai, which has been providing details of its modus operandi with all relevant documents and data.

Sarangi said prime accused Lala Amrit Ray has stolen a huge amount of gold from the IIFL branch office in Cuttack. Police are investigating the locations where he kept the ornaments. Police have seized about 6.7 kg of gold of the IIFL from two branch offices of the Mannapuram Finance Ltd at Bajrakabati and Chaudhury Bazar in Cuttack city.

Asked as to how the customers, who have taken loans from IIFL, will get back their mortgaged gold ornaments, the commissioner said the finance company will take a decision in this regard.

However, he said that the seized gold ornaments will be kept in police custody for the time being. “We will keep these seized ornaments at the district armoury today and hand them over to IIFL after the investigation is over,” he added.

To another question, Sarangi said that the Commissionerate Police will appeal to the court to take the prime accused on remand for some more days for further interrogation.

Allaying the apprehension of the customers IIFL Manager Ayan Saha Ray assured them of getting back their gold as they are insured.