It may be your gold but someone else is availing a loan against it.
Snatchers and robbers have a found a safest way to dispose of looted property. In two instances, reported in Delhi and Noida in the past month, alleged robbers walked into a finance company offering loans against gold jewellery and walked out with cash.
On Monday, the outer Delhi district police arrested five men who had mortgaged robbed gold chains at a finance company in Mukherjee Nagar and availed loans at 80 per cent of the market value of the gold.
Police said in wake of mounted heat on jewellers who buy stolen items, the robbers chose the finance company as an easy way out.
“We have recovered the five receipts from Muthoot Finance. The officials should have raised doubts as a chain was broken and the local police would have sent a notice to them asking them to explain under what circumstances they provided the loan,” said Chhaya Sharma, deputy commissioner of police (outer).
R. Manomohanan, CEO of Muthoot Capital Services Limited, in an e-mail reply said, “We adhere to the Know Your Customer (KYC) norms of the Reserve Bank of India very strictly. Proving the identity of the applicant is the first and prime requirement for applying for a loan. The applicant has to confirm in writing his address, for which also proof is required. Also, the applicant has to confirm in writing that the gold he is pledging is owned by him. I do not have any information about such instances taking place in our company. However, there may be stray cases where stolen gold may be pledged, in spite of all such precautions. This may not be due to violation of norms, but in spite of the stipulated norms.”
He said his company was willing to help the police in investigating these cases.
The police said the five accused snatched chains from elderly women in areas like Prashant Vihar and Rohini and fled on motorcycles.
“When jewellers refused to take the stolen items, the accused masqueraded as genuine customers claiming that the jewellery belonged to their mother and wife and availed the loan,” the DCP said.
On April 26, the Noida police had arrested three alleged robbers who had loan receipts of the finance company and had availed Rs 15 lakh against looted property.
Senior Superintendent of Police (Noida) A.K. Singh said, “The robbers had forgotten to count of the number of chains they had snatched. They availed a loan of around Rs 15 lakh from Muthoot Finance. They had had given several identification papers while availing the loan.”