Ludhiana police commissioner Rakesh Agrawal said on Tuesday that the firm, Infoline Finance Limited (IIFL), had not employed any armed guard and its security alarm system was not up to the mark. All branches of the firm in town have been closed till they comply with the security requirements.(HT file photo)
Ludhiana police commissioner Rakesh Agrawal said on Tuesday that the firm, Infoline Finance Limited (IIFL), had not employed any armed guard and its security alarm system was not up to the mark. All branches of the firm in town have been closed till they comply with the security requirements.(HT file photo)

30-kg gold theft in Ludhiana linked to similar thefts in financial firm’s Mumbai, Valsad branches?

Ludhiana police commissioner says six men robbed a gold loan centre of 20 kg of ornaments in Mumbai on September 19, 2019, in a similar way. On January 9, six men executed a robbery at a gold loan branch of the IIFL in Valsad, Gujarat, and made off with 35kg of ornaments
By HT Correspondent
PUBLISHED ON FEB 18, 2020 11:08 PM IST

LUDHIANA: A day after five armed men made off with about 30 kg of gold ornaments, worth 12 crore, and 3 lakh in cash from a branch of India Infoline Finance Limited (IIFL) on Gill Road in Ludhiana, police are investigating if it is linked to recent robberies in the IIFL’s Mumbai and Valsad branches.

Police commissioner Rakesh Agrawal said here on Tuesday that six armed men had robbed an IIFL gold loan centre of 20 kg of ornaments in Nala Sopara area in Mumbai on September 19, 2019, in a similar fashion. On January 9 this year, six armed men executed a similar robbery at a gold loan branch of the IIFL in Valsad, Gujarat, and made off with 35kg of gold ornaments.

The police also suspect a connection with the theft at Manappuram Finance Company robbery in Ludhiana on July 30, 2015. Six armed men had stolen 14 of kg gold and 2.23 lakh from the Gill Road branch of Manappuram Finance Company over four years ago.

The accused in that case are out on bail and raids are being conducted to arrest them.

Agrawal said the firm had not employed any armed security guard and its security alarm system was not up to the mark. “The financial firm has been asked to ensure that all security criteria are fulfilled. Its branches in Ludhiana are closed till further orders,” he said.

The police have announced a reward of 5 lakh for information about the accused.

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