Machilipatnam: Four held for stealing gold worth Rs 3.8 crore

Machilipatnam : Krishna district police on Friday arrested four persons including two women in a case of cheating and breach of trust in which the accused stole Rs 3.8 crore worth gold ornaments from a private gold appraiser (gold finance) branch.

Addressing the media here, Krishna district SP P Joshuva said that they had received a complaint of theft of gold ornaments from Kankipadu Manappuram Finance Company Ltd branch on October 16.

The concerned management complained that worth Rs 3,87,00,000 gold packets which were mortgaged by the 951 customers were stolen from their branch.

In this view, the police registered cases under the IPC section of 409 and 420, and later formed teams to investigate the case under the supervision of Gannavaram DSP RG Jaya Surya and CCS DSP Murali Krishna.

During the investigation, the police found that Reddy Venkata Pavani of Gudivada mandal who were working as the Kankipadu branch head was the main conspirator and prime accused in this case.

She along with Revu Durga Prasad of Kruthivennu, Kokiligadda Nagababu of Polatitippa, and Mittagadukula Prasanthi of Thotlavalluru stole the gold ornaments. While the main accused was working at Bantumilli branch, she had come into contact with Revu Durga Prasad. Since then, she used to give loan amounts to him without mortgaging the gold ornaments. Later, she was transferred to the Kankipadu branch and Durga Prasad often came to visit the Kankipadu branch. Pavani had given Rs 45,00,000 loan amount from the branch to Durgaprasad by showing he had mortgaged around 1200 grams of gold. The police arrested four accused on Friday while they were sharing their respective stolen ornaments parts. The police recovered 7774.58 grams of gold ornaments (856 gold packets), Rs 10,000 cash and one car and 8 mobile phones from their possession.