Gang keeps loot with finance firm

Robbers are not selling their loot to jewellers anymore. Three alleged criminals arrested on Sunday evening by the Noida Police would deposit them with finance companies in return for eighty per cent of the gold’s value.

Robbers are not selling their loot to jewellers anymore. Three alleged criminals arrested on Sunday evening by the Noida Police would deposit them with finance companies in return for eighty per cent of the gold’s value.

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The police are now scanning records of finance companies to trace other robbers.

“Four cash receipts amounting to Rs 1.50 lakh of a prominent finance company's Mahipalpur branch were recovered from them. The company had provided a loan against the gold jewellery. The robbers had procured identity proofs in several names and used that identity when depositing the gold with the finance company,” Senior Superintendent of Police A.K. Singh said.

“They said they thought about the finance company since it gives 80 per cent of the gold value as loan. The jewellers were giving them less than 50 per cent of the gold’s value. They deposited the gold jewellery, took the cash and never went back. The gold is sold by the company when a depositor fails to repay the money,” Singh said.

The two alleged robbers were identified as Pawan Singh Yadav and Manoj Chauhan alias Monu. Both are residents of Manipur and were living in Khoda Colony, Ghaziabad.

A jeweller, Amit alias Vicky Sharma who runs a shop in Khoda Colony, was also arrested for buying jewellery from them, police said.

“They used to sell the broken or damaged jewellery to the jeweller while the jewellery in good shape was taken to the finance company,” Singh said.

Twelve gold chains, three mobile phones, three motorcycles and a car was recovered from them, police said.

“One motorcycle was robbed by the gang from Sector 58 police area. Another was a Yamaha bike worth Rs 1 lakh they had bought a month ago. Pawan is a history sheeter and was involved in over 20 cases of snatchings and robberies in Indirapuram, Sihani Gate and Sector 58 Noida police station,” said Singh.