LUCKNOW Even as Indian Overseas Bank authorities were trying to ascertain the exact amount of cash and valuables lost in the heist, the police recovered stolen property worth ₹7 crore after the arrest of three accused on Monday and killing of two accused in encounters on Tuesday. More recovery was likely as two of the seven people involved in the heist – mastermind of the case Vipin Kumar Verma, 22, and one Mithun Kumar 28 – were yet to be arrested, said officials.

There were 90 lockers in the bank and the accused broke open 42 of them.

“We apprehend that the total stolen booty is likely to be over ₹8 to 9 crore. Vipin Kumar Verma, a resident of Churwa village in Sitapur, was the mastermind of the heist. He was lodged in Jalandhar jail along with some members of a Bihar gang in a theft case and released on bail recently,” said a senior police official.

Vipin Kumar tipped off Kailash Bind, one of three accused arrested in the case on Monday, after which the latter roped in five others to execute the crime. It is suspected that Vipin decamped with a major portion of the stolen booty.

Lucknow police officials confirmed that cash and valuables worth ₹1.63 crore were recovered from three men arrested on Monday, including Balram Kumar Bind, Kailash Bind and Arvind Kumar Bind, all residents of Bihar.

They said gold and silver valuables worth ₹ ₹5.5 crore were recovered after Sobind Kumar Bind was gunned down in an encounter on Kisan Path in Chinhat. The recovered booty included 50 gold bangles and bracelets, 67 gold rings, 57 gold chains, 45 gold necklaces, three gold coins, two gold lockets, as well as nose and earrings weighing 4.093 kg.

Besides, 169 silver coins, six silver plates, three silver bowls, five silver glasses, one silver spoon, items weighing 10.3 kg and miscellaneous jewelry/cash to the tune of ₹9.17 lakh were also recovered from his car.

Officials said the police recovered around one kg of silver, valued at ₹85,000, after gunning down the second accused Sunny Dayal in Ghazipur district on Tuesday.