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Mangaluru: Customer pledges gold worth crores, falters in loan repayment

  •   Thu, Aug 20 2020 05:44:41 PM

Daijiworld Media Network - Mangaluru (SP)

Mangaluru, Aug 20: In a surprising incident, it has come to light that a person had pledged gold ornaments worth Rs 19.76 crore to a public sector bank loan and availed of loan against them. As the customer has not repaid the loan, he has now been considered a defaulter.

The bank has now issued newspaper publication about an open auction of the jewellery pledged by the said customer. This notice has now become viral in social media. People are discussing on such a huge quantity of ornaments having been pledged to the bank and why the person is risking to allow the ornaments to go up for auction where the price they will fetch will depend on the number of interested people taking part in the auction process.


Representational image

The same person has pledged ornaments in ten different loan numbers. People are turning curious about the person who has pledged such a huge quantity of gold ornaments. Surprisingly, the address of the defaulter belongs to the city and he has not utilized the option of entering into an agreement to sell the jewellery to a third party and clearing the loan out of the money so received.
  

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Comment on this article

  • Roshan Braganza, Mumbai

    Fri, Aug 21 2020

    Gold fetches full amount in sale only threw established networks , If a person goes individually he gets only 75 percent of value. Auctioneers have better network , so manytimes auction price is more than money could have collected if he ir she sold it

    DisAgree Agree Reply Report Abuse

  • Anonymous, Bangalore

    Fri, Aug 21 2020

    Looks like the PSU bank has violated the basic norms of lending against jewels....
    Pointers:
    To be appraised by more than one appraiser.
    Rate of interest to be charged commercial rate.
    Purpose of obtaining loan should be genuine..Declaration needed.
    Internal inspection report important.
    Annual audit by statutory auditors .Remarks more significant.
    Many jewels are for ladies purpose specific declaration pledger clearly mentioning the need for pledging needed.
    Income tax assessment for source of investment .
    Access to safe vault by joint key holders should be available.

    DisAgree [2] Agree [3] Reply Report Abuse

  • Rita, Germany

    Fri, Aug 21 2020

    It is a mystery how come the person has /had so much gold and dont want back.May be it was smuggled gold and cant and dont want.when that person takes back ,according to rules has to pay taxes and had to declare it.when one earned with sweat and hard work,certainly tries to have back.Not only one bank but many ?Out of fear that customs may come into house must have pledged.

    DisAgree Agree [1] Reply Report Abuse

  • DP, Balmatta

    Thu, Aug 20 2020

    "The same person has pledged ornaments in ten different loan numbers"
    "the address of the defaulter belongs to the city "

    How easy is that. All you have to get the ADDRESS and then get that NAME.

    Why the Hocus Pocus??? Is there something holding back this information from being published?

    DisAgree Agree [2] Reply Report Abuse

  • sri_elder, Karkala

    Thu, Aug 20 2020

    It is wonderful to read that Indians are really rich with good quantity of gold ornaments...

    DisAgree [4] Agree [11] Reply Report Abuse

  • R.Bhandarkar, Mangaluru '

    Thu, Aug 20 2020

    Swapna Suresh Swapna Suresh Swapna Suresh...
    Scent from the gold???
    Smell it... who knows? It may be somewhere near...
    What nonsense 20 crores loan in PSU bank against gold... single person??
    Fishy. No ! James Bonds .. Gold Fish...

    DisAgree [8] Agree [15] Reply Report Abuse

  • M R Bhat, Mangalore

    Thu, Aug 20 2020

    Every Bank has fixed a limit per borrowing against gold jewellery. In most banks it is Rs.5 lacks. How this Bank/ Branch granted 19 crores to this borrower is a mystery. Even loan against gold jewellery attracts certain norms like IT returns, purpose, repayment capacity etc. It seems something fishy going on. First the quality of gold is to be checked. An in depth investigation is required. It is sad that Management has not come out with any statement on the issue so far.

    DisAgree [1] Agree [16] Reply Report Abuse

  • Santan Mascarenhas, Kinnigoli/Bangalore

    Thu, Aug 20 2020

    The household gold storage limit in India is different for married women, unmarried women, and a male member. A married woman can have up to 500 grams gold, and an unmarried woman can have up to 250 grams of gold, and a man can have 100 grams of gold, without producing their income proof.

    There is no limit on the amount of gold jewellery or ornaments citizens of India can hold, provided they can explain the source of income. They have to pay wealth tax on gold, after a certain limit.

    When you pledge gold, banks do not give loan more than 75% of its intrinsic value. The price of gold has gone up too much recently. Under these circumstances, if the pledged gold is genuine, why the borrower does not clear the loan is a mystery.

    DisAgree [2] Agree [22] Reply Report Abuse

  • Monty Dotor, Mangalore

    Thu, Aug 20 2020

    Wealth tax has been abolished since 2016 but they will have to produce documentary evidence for the source of funds.If it is inherited they have to produce wealth tax returns before 2016 (if it was inherited before this date.) Also it has to be determined if the gold is genuine. Probably it is fake, if so the person/s who sanctioned the bank loans can be prosecuted.

    DisAgree [1] Agree [12] Reply Report Abuse

  • Santan Mascarenhas, Kinnigoli/Bangalore

    Thu, Aug 20 2020

    Monty Dotor
    Yes. You are right. Thank you. The wealth tax was replaced with an additional surcharge of 2 per cent on the super rich with a taxable income of over 1 crore annually.

    DisAgree [1] Agree [7] Reply Report Abuse

  • Prakash G.Shenoy, Mangaluru

    Thu, Aug 20 2020

    There is a limit to grant gold loan to particular customer. Bank has taken no investigation or enquiry before granting huge amount of gold loan to a single customer.
    Secondly gold has to be appraised and reappraised at regular period in different intervals.
    In good faith and without neglegence. On auction if the amount falls below the loan amount and interest, then bank can sue the customer for recovery. If the gold is furious then Jewels appraiser and bank is responsible.

    DisAgree Agree [8] Reply Report Abuse

  • Monty Dotor, Mangalore

    Thu, Aug 20 2020

    Is he/she a politician?

    DisAgree Agree [23] Reply Report Abuse

  • Chetan, Mangalore

    Thu, Aug 20 2020

    Is the customer alive?

    DisAgree Agree [18] Reply Report Abuse

  • Sanjay, Hebri

    Thu, Aug 20 2020

    I think its a scam, it may be stolen gold. ED should have a look.

    DisAgree [7] Agree [18] Reply Report Abuse

  • Deshbhakt, Mangalore

    Thu, Aug 20 2020

    Yes, there is a possibility of this. He couldn't sell it so he pledged and lavished on the loan taken. He though nobody will know about it.

    Now that the banks are chasing all debtors after Mallya, NiMo episodes, this also may have come to the fore. What the man should anticipate now, is a visit from IT officials seeking reply to where the ornaments came from.

    Band baaja taiyyar rakho jail jaane kaa...

    DisAgree Agree [9] Reply Report Abuse

  • Sahil, Mangaluru

    Thu, Aug 20 2020

    As per gold ernement regulations for poor people can't hold gold more than 500grams.

    DisAgree [2] Agree [20] Reply Report Abuse

  • Dylan, Mangalore

    Thu, Aug 20 2020

    What about acche din?

    DisAgree [10] Agree [18] Reply Report Abuse

  • KUMAR, MANGALORE

    Thu, Aug 20 2020

    All businesses are down. How to pay up

    DisAgree [5] Agree [30] Reply Report Abuse

  • K.Ganesh Shetty, Kadri,Mangalore

    Thu, Aug 20 2020

    It may be golden loan with mystery.

    DisAgree [1] Agree [4] Reply Report Abuse


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