Chhatrapati Sambhajinagar
A parallel concern is emerging over the functioning of unregulated small finance banks and loan companies operating in the shadows.
An exclusive investigation by Lokmat Times reveals a disturbing trend while nationalised banks strictly adhere to Reserve Bank of India (RBI) guidelines, many small finance companies bypass mandatory checks. Shockingly, in some cases, stolen gold can be mortgaged without any scrutiny.
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Stolen gold, easy loans: Thieves find a backdoor
Ground verification by Lokmat Times uncovered several finance companies that readily offer loans against gold without demanding valid proof of ownership or even a basic documents. This raises serious questions about regulatory oversight and due diligence in the sector.
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Past attempts foiled, but the problem persists
According to a senior police official, “During the tenure of police inspector Sandip Gurme about one or two years ago, there were attempts to mortgage gold without valid documents through some small firms. But our teams acted swiftly and controlled the situation before any major loss occurred.”
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What finance firms really say
1) Gold loan department – TV Centre area
"Customer is our god. We don’t ask for gold purchase receipts. If you have an account, we complete KYC. If not, no worries we’ll try to manage it, we can arrange the loan."
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2) Finance Company – Kranti Chowk area
"Hello, I’m from a finance company (name withheld). Come in the evening near our Kranti Chowk branch you’ll get the loan. If you want an emergency loan, we’ll provide it. No account? No problem, we’ll sort that out too."
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3) Loan Company – Garkheda area
"For issuing a loan, we generally require KYC documents. However, if someone urgently needs a loan, we try to manage the process and help them get it. If the person doesn’t have proper documents, we explore ways to make it work, depending on the situation."
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Police speak: No recent complaints yet
“We have not received any recent complaints related to this issue,” said police inspector Sambhaji Pawar when contacted.
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Nationalised banks follow protocols strictly
"In our bank, we strictly do not disburse loans unless the customer has an account with us in accordance with RBI norms," said the chief manager of a nationalised bank located at Cidco.