Duo held for snatchings: Accused’s gold loans under scanner

Mohali police have sought the company’s record on how loan was sanctioned without purchase documents or verifying the antecedents of the applicant

A day after police nabbed an engineer and a school dropout, who are said to be behind nearly 45 cases of gunpoint snatching, police are looking into how they managed to avail of gold loans by mortgaging snatched ornaments.

Beside probing the involvement of an insider from Muthoot, Mohali police have issued an advisory to companies offering gold loans to follow due procedure before issuing such loans. (Getty image)

The accused, Naresh Kumar, a resident of Green Valley, Dera Bassi, and Jaswinder Singh of Gulmohar City, Dera Bassi, had managed to secure loans to the tune of ₹2.81 lakh from Muthoot Fincorp Limited branch, Dera Bassi, against the snatched gold jewellery, as per SSP Sandeep Garg.

Digging deeper, police have sought the company’s record on how loan was sanctioned without purchase documents or verifying the antecedents of the applicant.

Beside probing the involvement of an insider from Muthoot, police have issued an advisory to companies offering gold loans to follow due procedure before issuing such loans.

On being contacted, Muthoot’s Dera Bassi branch manager Savita refused to share any details pertaining to the matter.

Apart from some cash, police had recovered two .32-bore pistols, two live cartridges, and a cache of gold ornaments, weighing around 70 gm, from the accused. The recovered jewellery included two gold chains and 23 earrings.

As per police, the accused were drug addicts and also maintaining a rich lifestyle.