A year on, IOB locker heist victims still await most valuables, justice

The robbery occurred on December 21, 2024, when six men broke into the Matiyari branch of IOB and looted 42 lockers, making off with cash and jewellery worth crores. While police initially claimed swift breakthroughs, including multiple arrests and recovery of gold and silver, victims argue the reality looks different on the ground. Several victims told HT that the recovered jewellery was not even a quarter of what was stolen, while most families had not received more than a token amount. “We were given a plastic box and told to pick what’s ours.”

Nearly a year close to Lucknow’s most sensational bank robberies, several victims say the wounds are still fresh and most valuables are yet to be recovered. From receiving just a fraction of their jewellery to fighting legal battles, and even losing a family member to the stress, the aftermath of the Indian Overseas Bank (IOB) locker heist continues to devastate several victims.

The robbery occurred on December 21, 2024, when six men broke into the Matiyari branch of IOB. (HT File)

The robbery occurred on December 21, 2024, when six men broke into the Matiyari branch of IOB and looted 42 lockers, making off with cash and jewellery worth crores. While police initially claimed swift breakthroughs, including multiple arrests and recovery of gold and silver, victims argue the reality looks different on the ground.

Several victims told HT that the recovered jewellery was not even a quarter of what was stolen, while most families had not received more than a token amount. “We were given a plastic box and told to pick what’s ours.”

Archana Srivastava, a resident of Kamta, reportedly lost jewellery worth around ₹50 lakh, with nearly everything being part of her wedding or kept aside for her daughter’s future. She said she had received less than 15% of it. “The last time we were called was in July. They gave us a plastic box and asked us to identify pieces from a mound of jewellery,” she recalled.

“The safest place turned unsafe, and those responsible now behave as if it’s our burden alone,” she added.

Weddings, savings, and a life lost

Mohit Prakash Vaish of Swapanlok Colony said the locker held jewellery from his wedding -- gold and silver accumulated over years. “I have received only 25-30% of what was stored. Those were not ornaments; they were security for our future,” he said.

The tragedy took a far darker turn for Ruchi Kakkar of Anandlok Colony, whose 76-year-old father-in-law Kuldeep Raj Gupta allegedly died by suicide months after the heist.

Gupta, a retired HAL engineer, had insisted that his wife’s jewellery be moved from home to the bank locker for safety. “When we visited the police station, only about 10% of jewellery worth ₹25 lakh was found,” Ruchi said. “He couldn’t bear the helplessness and felt solely responsible. This heist didn’t just take away jewellery; it took away a life,” she added.

As per guidelines, the bank provided ₹2 lakh compensation to each locker holder, the maximum covering the locker rent limit. However, victims said it barely counted as restitution.

“How does ₹2 lakh compensate for losing jewellery worth ₹20-50 lakh?” asked Mohit. “These are life’s savings, not deposit slips.” Many families are now consulting lawyers, filing applications, or making repeated visits to the police station, often returning with no clarity.

Officer transfers and fading urgency

While victims continue visiting Chinhat and Gomti Nagar police stations, many say their concerns no longer receive the urgency they once did. The case has seen frequent changes in leadership. Then ADCP (east) Pankaj Singh, who headed the investigation, was transferred.

The Chinhat police station has seen two SHO transfers since the heist. A SWAT team formed to coordinate returning valuables was later disbanded over anomalies.

With new officers taking charge, victims say they are forced to retell their plight over and over again, with little progress. When HT contacted new ADCP (east) Amit Kumawat, he declined to comment, citing engagement with VIP events. Gomti Nagar SHO Brijesh Chandra Tiwari said, “The case has been transferred back to Chinhat. Our task was only to arrest the accused.”

‘Recovered jewellery still in custody, mostly missing’

Police maintain that around 6 kg gold, 14 kg silver, and ₹13 lakh cash have been recovered and are stored at Chinhat police station. Jewellery is being released only on court orders. “If 42 lockers were broken, how can only this much jewellery be recovered?” a locker holder said. “Something is wrong either with the recovery or the process that followed,” he added.

Timeline

Six robbers broke into the IOB’s Matiyari branch at night and cut open 42 out of 90 lockers. Cash and jewellery worth crores were stolen. Police later recovered 6 kg gold, 14 kg silver, ₹13 lakh. Multiple arrests have been made, while two accused have been in encounters.

Accused Arvind Kumar, Vipin Kumar, Balram Kumar, Kailash Bind, Mithun have been arrested, while Sobind Kumar & Sunny Dayal have been killed in encounters.

Jan-Feb 2025: Committee formed to return valuables.

Mid-2025: Anomalies reported; SWAT distribution team disbanded. Case shifted from Chinhat to Gomti Nagar.

July 2025: Victims last called to view recovered jewellery. November 2025: Victims still waiting for most valuables.

Latest in the case

Victims received only 10-30% (in many cases).

₹2 lakh compensation given per locker.

One suicide linked to trauma from the heist.

50+ families affected.

Officers heading the case: Transferred thrice in a year.