Vadodara: Four people including two IIFL financial company employees were arrested for allegedly deceiving the company RS 1.29 Crore.
The defendant was ordered to cheat the company by replacing the gold ornaments mortgaged with the dummy.
Three other accused had not been arrested.
The defendant was identified as Kiran Purushwani, WaraAsia branch manager; Vishal OD, Dabhoi branch manager; Jhinjhuwadia Vikas, Jewelry Showroom Owner; and Ramesh Shitwani, a financier.
The police said that the company had learned about fraud while conducting an audit in its branch in Waravi.
The company realizes that some company employees have replaced the original gold ornaments weighing three kilograms with dummy.
The defendant then pawned ornaments elsewhere to get fast money.
The company then approached the police and filed a complaint due to fraud after the police started an investigation.
The police said that Vikita Chauhan, Priyal Gohil and Dilip Jadeja had not been arrested.
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