Manappuram Finance manager held in Rs 20 cr robbery at IIFL branch: Police

The manager of a branch of Manappuram Finance Ltd has been detained in connection with the robbery of gold and valuables, worth around Rs 20 crore, from a branch of IIFL in Cuttack, a senior police officer said on Friday.

He is being questioned by the investigators in connection with the robbery, said Deputy Commissioner of Police Prateek Singh.

The police have now also got the court's permission to take five of the seven arrested in the robbery case on remand for three days, he said.

IIFL's gold appraiser Lala Amrit Ray, arrested on Tuesday, is among the five to be questioned in custody, Singh said, adding that it has been ascertained by the investigating team that he was regularly utilising the mortgaged gold of IIFL to take loans from Manappuram Finance.

"Since the Manappuram Finance manager was dealing with Amrit for loans, he is now being questioned in this connection," the officer said, without revealing further details.

Singh, however, said the Manappuram manager could be arrested if, prima facie, his role in the incident is established.

Cash and gold, valued at over Rs 20 crore, was robbed from IIFL's Nayasarak branch in Cuttack last week.

At least seven persons, including two employees of the company, have so far been arrested in connection with the case and police have recovered 1 kg of gold jewellery and Rs 5 lakh in cash from them.