Man pawns impure gold to take loan in Vadodara

VADODARA: A leading gold loan NBFC company registered an offence against a man who allegedly gave adulterated gold for taking a loan from the company. The man went incommunicado and left his home after taking the loan.
Nizampura branch manager of Muthoot Fincorp Ltd Yakubkhan Karamati filed an offence against Jignesh Somi, who had allegedly taken eight different loans from the company totalling Rs 3,89,628 by giving jewellery weighing 182.5gram as a guarantee between April 6, 2019 and August 14, 2019. Somi did not pay the interest towards his loans and there was no response to calls made to him as well as the notices sent to him.
When the company got the gold pawned by Somi examined, it came to light that 156.5gram gold given to the company was not pure. As per norms and guidelines established by the Reserve Bank of India, the company auctioned gold for two loans that were found to be genuine.
The company obtained an amount higher by Rs 14,814 than the principal and interest of these two loans as gold prices had increased after the loan was taken. Along with interest, the additional amount totalled Rs 26,318. This additional amount was adjusted against another loan pending in the name of Somi.
An offence was registered against Somi at the Fatehgunj police station based on the report of a valuer who examined the jewellery and certified its purity.