Bhubaneswar

Beware of mortgaging gold to take loan!

Ubachak Mohanty

Here is a caution for those who take advance from the gold finance companies after mortgaging their gold ornaments: Their valuables could miss even from the lockers!

Such an incident has taken place at Baleswar town. A person who wanted to take back his packet of gold didn’t find it, which he had mortgaged with a private company before obtaining loan.

Bhagaban Das, after repayment of his outstanding loan amount, went to the company on June 7 to get back his mortgaged gold, but to his utter surprise and shock he didn’t find the stock. He had deposited his gold with Muthoot Finance, a gold loan company, in its Baleswar branch.

When Das lodged a complaint with the company, the latter carried out a physical verification by its internal team. To the surprise of the company’s Bhubaneswar regional office, it found that a total of 11 packets of mortgaged gold were missing from the lockers of the company.

The missing gold weighed 826 grams worth about `25 lakh. The company had given `16.27 lakh as loan to different parties. The Sahadevkhunta police in Baleswar district took five employees of the finance company into custody after regional manager of the company Choudhury  Nirod Chandra Das lodged an FIR with them on Saturday evening.

A case has been registered under Sections 409 and 120(b) of IPC in this connection. The employees who were taken to custody included the branch manager of the company Pradip Panda.

The company, which conducts audit from time to time, had the last audit done between December 31 last year and January 5 this year. One key of locker used to be with the branch manager and two other keys with two accountants.

“We have taken five staffs of the company including the branch manager into custody since it’s a work of insiders. We are interrogating them and will forward them to court today,” informed IIC of Sahadevkhunta police station Manoj Rout.