Kinnigoli: Loot of Multi-crore Pledged Gold and Cash from Cooperative

Kinnigoli: Miscreants broke into the SK Goldsmiths’ Cooperative Society located by the side of the main road here late night on Friday.

It is suspected to be the handiwork of a professional gang. About 20 kgs of gold worth Rs 4.63 crore and Rs 3.50 lakh in cash have been taken away. Most of the gold is made of ornaments pledged as collateral for borrowings. Since one of the three lockers has been broken open, the chance of gold kept for security having been looted cannot be ruled out.

The gang appears to have switched the main power line off first. Then they cut the cable of the burglary siren and they took away the stored data of the CCTV system, This proves that the thieves were well informed of the technology.

Kinnigoli, although a small town, has over 20 branches of different banks functioning here. All put together, it is said to have the credit of the largest number of non-resident accounts in the whole of Asia.

Besides, in spite of heavy competition from scheduled and nationalized banks, the SK cooperative gives loans at comparatively lower rates of interest.

With easy and quick processing, the bank is very popular for gold loans. Hence a huge stock of loan was stored in the bank, which fact was perhaps known to the gang.

The evaluation of the lost gold could not be completed even by Saturday evening, sources said. Worried depositors and borrowers when they heard of the massive theft, began assembling in front of the bank. They were pacified by the police.

The bank has informed the clients that the gold and money deposited had full insurance backing.

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