Some firms lending towards gold as collateral don’t examine the supply of all that glitters
Enterprises that stretch loans towards gold got here below the scanner when a dacoit managed to mortgage stolen gold to safe a loan in Odisha’s Ganjam district.
The novel plan unravelled when the Berhampur police launched an investigation right into a sequence of burglaries involving gold decoration was reported from the town. After a month-long operation, two dacoits have been arrested and 540 gram of gold ornaments worth ₹25 lakh was recovered from them. The accused confessed to their involvement in a minimum of 15 burglaries. However that wasn’t all.
“One of the dacoits was found to have opened an account with gold loan lending company. Over a period of time, he deposited stolen gold with the company to secure ₹21 lakh as loan,” stated Berhampur Superintendent of Police Pinak Mishra on Thursday.
“Customers pledge their gold ornaments as a collateral deposit to secure a loan. It is up to the gold loan providing companies to find out the source of gold being mortgaged. We have decided to expand the purview of our investigation to see if these companies have become a point for converting ill-gotten gold into loans,” Mr. Mishra stated.
The robbers would reconnaissance their targets through the day and enter homes they discovered to be below lock and key on the night time. One of many new-age burglars used a sedan provided by an American automotive maker in India for the heists, however he couldn’t satisfactorily clarify how he had mobilised ₹15 lakh for getting the luxurious car. Furthermore, high-end bikes costing greater than ₹2.5 lakh have been used to flee after the burglaries. Their air journey historical past too has been probed. “The burglars were leading very luxurious life and were involved in gambling,” the Berhampur SP stated.
“They are professional burglars. Two dacoits admitted before our investigators that they had learnt a simpler method of breaking open doors. They knew tricks for melting stolen ornaments into gold ingots from YouTube,” Mr. Mishra added.
Three different individuals who had bought gold at a price decrease than that prevailing out there have been additionally arrested. Mr. Mishra stated additional investigation was required to seek out out their modus operandi. A retired police officer stated that earlier, criminals would discover it very troublesome to dispose stolen items for worry of showing their id. “If dacoits can mortgage stolen gold and get cash in lieu of it, they will be encouraged to commit similar crimes in the future. Accountability must be fixed on the companies offering gold loans,” he stated.