Prime accused in Rs 20 crore Cuttack IIFL gold heist arrested

The mastermind behind the notorious gold heist at the Nayasadak IIFL, a non-banking financial company, branch in Cuttack has been arrested after a prolonged chase and investigation of over four years. 

Lala Ranjan Ray, the main accused in the case, was taken into custody by Mangalabag Police on Monday.

As per reports, the main accused Lala was employed as a manager at Bajrakabati Manappuram Gold Loan Bank when the gold heist at IIFL took place in 2020. The robbery, amounting to nearly Rs 20 crore, had sent shockwaves through the twin cities of Odisha.

During the incident, it was initially reported as an armed robbery in which a large amount of gold was stolen from the Nayasadak IIFL branch. However, following police investigations, it was later revealed that the employees had staged the entire scenario of loot. It was also uncovered that the heist was part of a larger conspiracy orchestrated by Lala himself.

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According to police sources, the robbed gold was mortgaged by hundreds of IIFL customers at the branch. Lala had taken the gold and moved it to another lending institution based in Bajrakabati, where he then secured loans against the stolen gold.

Following the revelations during the investigation, a case was filed at Mangalabag Police Station, and the probe was launched. Eight individuals had already been arrested in connection with the case, but Lala remained at large until his recent arrest.

On January 27, police successfully apprehended Lala Ranjan Ray in Bhubaneswar, bringing an end to the long-standing investigation into the crime. The authorities are continuing their probe into the incident.