In a significant breakthrough, the Anakapalli police arrested four individuals involved in the theft of palladium metal valued at approximately Rs1.15 crore. The stolen palladium, weighing 4 kg, was taken from a plant located in Pharma City, Parawada, Visakhapatnam.
The arrested individuals were identified as Chintakayala Raju (26), a painter; Mudunuru Vineeth Varma (27), an electrician; Chintakayala Murali (23), a helper in the refining section; and Kanumuri Ramachandra Raju (21), an assistant to the production manager. All four are employees of the plant where the theft took place.
Palladium, currently one of the most valuable precious metals, is primarily used in catalytic converters and has significant applications in jewelry, dentistry, surgical instruments, and electronics. The police also seized a Pulsar bike and a duplicate key from the accused.
The authorities have confirmed that the recovery of the stolen palladium is part of ongoing investigations. Further details regarding the motive behind the theft are being probed.
