Andhra Pradesh: Cops recover 471.45g of gold, 7 Arrested, Finance Company Implicated

Kakinada: Eleswaram police in Kakinada district recovered 471.45 grams of gold ornaments worth Rs 25 lakh and arrested seven persons, including the main accused, Chilapasetti Sanyasi Rao, alias Sivlamsetty Sanyasi Rao, 33, and six of his associates. They also registered cases against Manappuram Finance Company and its two officials, Neelam Suryakumar and Ankit Singh, for allegedly mortgaging stolen gold ornaments.

Sanyasi Rao, a habitual offender, was involved in 13 theft cases under seven police stations in Kakinada district. He would steal gold ornaments by breaking into houses and other ways, and then mortgage them at various banks with the assistance of his friends and family members.

Police said that banks, finance companies, and individuals should not mortgage stolen ornaments or things without verification. If they do so, they will be liable in the theft cases.