E-Paper
Man uses gold loan to pay earlier loan, flees with collateral; case registered
PUNE The Pune police on Friday booked a man for cheating a private finance service provider company of ₹10
PUNE The Pune police on Friday booked a man for cheating a private finance service provider company of ₹10.2 lakh in February.
The unidentified accused applied and got a gold loan from the company based in Chandannagar and used the money to pay off another loan he had with another gold financer using the same gold he had promised the complainant company, said police
“This company has a strategy; to attract customers, they first transfer the money and then send two people with the borrower to collect gold. So they transferred the money to his earlier loan account with the first financer and send two people with him to collect the gold from them. But once he collected the gold from the first company, he slipped from the guards’ company,” said police sub-inspector Dilip Palve of Chandannagar police station.
The company that received the money released the gold and ended the transaction, leaving the current company short of ₹10,20,658 and the gold, said police officials.
A case under Sections 420 (cheating) and 406 (criminal breach of trust) of Indian Penal Code has been registered at Chandannagar police station.
