Date:05/11/2008 URL: http://www.thehindu.com/2008/11/05/stories/2008110560350400.htm

Karnataka - Bangalore

Police solve Manappuram Finance heist

Staff Reporter

Loot recovered from debt-ridden customer

Rs. 1.26 crore worth jewellery was looted on October 29
Rs. 20,000 reward announced for police personnel

BANGALORE: The City Police have solved the case of the sensational armed robbery at the Manappuram General Finance and Leasing Limited, arresting the mastermind, three associates and recovering Rs. 1.2 crore worth jewellery.

The four-member gang looted the branch of the finance company on Dr. Rajkumar road in Srinivasa Nagar on October 29 and looted Rs 1.26 crore worth jewellery.

The alleged brain behind the robbery, Chetan Kumar (24), told the police he was inspired by films like Aankhen and Dhoom 2 and hoped to get rich overnight. A pawn broker in the habit of visiting call girls and gambling, Chetan meticulously planned the operation, Police Commissioner Shankar Bidari told presspersons here on Tuesday.

In October, he visited the finance company several times and observed the security level, noting the positions of the CCTV cameras, armed security, the gates as well as the way the security personnel did their work.

Chetan, the owner of Heera Bankers at Vinayaka Nagar in J.P. Nagar Sixth Phase, was going through a financial crisis himself, having pledged Rs. 8 lakh worth jewellery with the Manappuram Finance Company under its Gold Loan Scheme besides taking loans from various moneylenders. He hoped that the robbery would help him clear all his loans plus a lot of spare cash too.

The looted jewellery was recovered from a relative’s house in Chamarajpet.

Chetan as a pawn broker took gold ornaments from the public and charged 3 per cent per month for the loans. He then pledged the gold with Manappuram earning an interest of 1.5 per cent per month.

He gathered around him three associates — Manjunatha alias Manja (23), a washerman and a resident of Munivenkatappa Vatara near Puttenahalli in J.P. Nagar; Arun (23) of second cross at KSRTC Layout Ragigudda Slum and Ravichandran (23), residing near Water Tank near Vinayaka Nagar in J.P. Nagar.

Around 3.30 p.m. on October 29 the four entered the branch in the guise of customers. They overpowered seven employees and looted the jewellery and to show they meant business, they roughed up two employees and locked them in the strong room.

The police formed seven crack teams to solve the case. All the four arrested are first-time offenders. Six hundred grams of jewellery is still missing.

After the robbery, the police collected fingerprints of around 50 people including employees, ex-employees and customers. They meticulously tracked each person through their fingerprints and came upon Chetan and his associates. On suspicion they were taken into custody where they broke down during interrogation.

Deputy Commissioner of Police (South Division) S. Ravi and other officials involved in the arrests were present at the press conference. Mr. Bidari announced Rs. 20,000 as reward to the Hanumantha Nagar police for solving the case.